Shiba Inu (SHIB) had an impressive run over the last few weeks, rallying 19.2% in the weekly charts, 239.1% in the 14-day charts, and 247.5% over the previous month. However, the asset has faced a 6.7% correction in the last 24 hours. SHIB’s latest rally is likely due to Bitcoin (BTC) hitting a new high. BTC’s rally seems to have trickled into other altcoins, leading to a market-wide rally.
Also Read: Did Elon Musk Buy Any Shiba Inu Tokens During the Bull Run?
Despite the recent correction, SHIB’s performance has led to the asset gaining a few spots in the rankings. SHIB is currently the 11th largest cryptocurrency by market cap, just below its rival, Dogecoin (DOGE), which climbed to 10th place.
Shiba Inu (SHIB) to delete another zero?
According to CoinCodex, SHIB could witness another rally by the end of this month. Moreover, the platform predicts SHIB to delete another zero and climb to $0.000113 by Apr. 7, 2024. Reaching $0.000113 from current levels would translate to a growth of about 251%.
Changelly also anticipates Shiba Inu (SHIB) to rally from mid-March onwards. The platform anticipates SHIB to hit $0.000097 by the end of March, rising by about 195.7% from current levels. Moreover, Changelly predicts SHIB to reach $0.000118 by Apr. 7, 2024.
SHIB’s potential April rally could be due to Bitcoin’s (BTC) upcoming halving event. Moreover, the SHIB team has said they have collected funds to burn 4.5 billion tokens, which could further aid the rally. However, one should note that SHIB burns have rarely led to a price spike due to the massive circulating supply.
Also Read: Shiba Inu: 4.5 Billion SHIB To Be Burned, Will Price Hit $0.00004?
Nonetheless, the Shiba Inu (SHIB) team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. But, we do not have an official launch date for the new burn mechanism.
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