The executive of Shiba Inu, a prominent figure in the cryptocurrency market, believes that the industry is heading towards a super cycle similar to the bullish sentiment seen after the previous halving event. Shiba Inu’s price is expected to retest its all-time high in the coming weeks, following a breakout from a bearish trend last month.
In recent days, the total market cap of cryptocurrencies has experienced a decline as the highly anticipated fourth Bitcoin halving approaches. Bitcoin and Ethereum prices have dropped by approximately 3% in the past 24 hours, with Bitcoin trading at around $61,611 and Ethereum at $3,005.
Amidst the increased volatility, traders have sought refuge in stablecoins, as evidenced by the heightened daily average trading volume in that market. However, on-chain data from CryptoQuant reveals that Bitcoin whales have been accumulating more than 27,000 BTC in recent days, despite concerns of possible capitulation.
The impact of the upcoming Bitcoin halving is well-known, as demonstrated by previous events and the recent adoption of spot BTC ETFs by institutional investors.
Lucie, a digital asset investor and marketing lead at Shiba Inu network, has shared her perspective on the Bitcoin price action during the halving event. Despite the short-term uncertainty, Lucie believes that the crypto industry is still on track for a super cycle in the coming quarters. She is confident that the cryptocurrency market will experience a similar bull cycle to those seen in 2017 and 2021.
According to Lucie, Bitcoin has already completed the re-accumulation phase after reaching the bottom of the bear market between $15,000 and $16,000. If Bitcoin continues to follow the stock-to-flow model observed in the past, analysts predict that its price could easily reach at least $300,000 in this bull cycle.
Furthermore, institutional investors are more involved in the Bitcoin and crypto industry compared to previous cycles, which were primarily driven by retail traders. Hong Kong has recently joined the United States in approving spot Bitcoin ETFs, a move that could influence other countries, led by Singapore, to do the same.
The trajectory of Shiba Inu’s price closely mirrors that of Bitcoin and other crypto assets. Lucie believes that Shiba Inu’s price will eventually reach $0.1, driven by the growth of its ecosystem. The Shiba Inu network has expanded into a major web3 ecosystem through various initiatives such as Shibarium scaling solution, Shib The Metaverse, ShibaSwap, Shibacals, and Shiba Eternity. Shibarium currently has a total value locked of approximately $2.63 million from several decentralized exchanges.
As a result, Shiba Inu and its associated tokens, including Doge Killer (LEASH) and Bone ShibaSwap (BONE), are well-positioned for further rallies in the coming months. Notably, SHIB has nearly 1.4 million non-zero addresses, and 41% of the coins have been auto burned. However, SHIB’s price has decreased by 21% in the past week and is currently trading at around $0.0000218.