In light of the upcoming Bitcoin halving, which is renowned for boosting prices, Lucie, a member of the Shiba Inu team, has suggested that the cryptocurrency could go through a supercycle, where price charts mimic the movements of the Bitcoin market. Lucie shared a chart displaying a consistent pattern of asset bottoms, followed by a resumption of accumulation, which kickstarts a bull run. However, they believe that the current chart is different and indicates that prices will continue to rise.
Lucie encourages the Shiba community to conduct their own research by taking a broader perspective. She believes that the supercycle is still in its early stages, much like she is. Every four years, Bitcoin undergoes a halving process, which involves reducing the number of new coins introduced into the protocol. This event usually marks a significant turning point in the cryptocurrency market. It achieves this by halving the reward for mining new blocks, thereby slowing down the creation of Bitcoins and limiting their availability.
Throughout cryptocurrency history, each halving has been followed by intense bull runs, which have boosted investor confidence. However, the anticipation of this scarcity has also had a significant impact on investors’ behavior.
In response to the impending Bitcoin halving, the SHIB community has begun embracing the concept of a supercycle, where the cryptocurrency market experiences a rapid increase in prices. This suggests that the reduced supply of Bitcoins could potentially drive up demand and push the price of Bitcoin higher. At the time of writing, SHIB was trading higher among the top 20 cryptocurrencies, with a 4% increase in the last 24 hours, reaching $0.00002243.
Additionally, Shibarium’s gas token, BoneShibaSwap (BONE), has also experienced a notable 4% increase in the last 24 hours, reaching a value of $0.594. The expectation of a Bitcoin-like supercycle in SHIB appears promising, but it is important to note that past performance is not necessarily indicative of future results.
