Shiba Inu (SHIB) witnessed a brief decoupling from other assets yesterday. The asset has rallied 6.3% in the weekly chart but is still down by nearly 1% in the daily chart, 2.5% in the 14-day chart, and more than 26% over the previous month.
The market slump has lasted for a few weeks and is likely due to investor fears around the Mt. Gox Bitcoin reimbursement and the German government’s Bitcoin selling spree. Bitcoin briefly climbed to $59,000 but has since fallen back to the $58,000 level.
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Shiba Inu weekend price prediction
CoinCodex researchers predict that SHIB’s price will rise over the next few days. The platform forecasts that on Sunday, July 14, 2024, SHIB will reach a price of $0.00002628, a 59% increase from current levels. According to CoinCodex, SHIB will peak at $0.00003607 on July 16, 2024, before going through a correction and reverting to its present values.
Changelly has an even more optimistic outlook for Shiba Inu’s price moves over the weekend. The platform projects that on Sunday, July 14, 2024, SHIB will reach $0.00003318. Reaching $0.00003318 from the present price would result in a more than 100% increase.
There is also a lot of talk about an Ethereum (ETH) ETF possibly launching sometime in mid-July. Since Shiba Inu is an Ethereum-based cryptocurrency, the launch of an ETH ETF could be beneficial for ETH-based projects. SHIB could witness a rally after the ETF makes its debut.
Also Read: Shiba Inu (SHIB) Predicted to Hit $0.001 After Ethereum ETF
The SHIB team is also reportedly working on a new burn mechanism that is rumored to burn trillions of tokens yearly. We do not have a confirmation on when the new burn mechanism will launch, but it may lead to a significant price rally for the asset.
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