Posted by Xoken.org – Surging before the Bitcoin Halving, that’s what’s happening to several crypto prices right now, including Ether (ETH) and Shiba Inu (SHIB). Can the FURR token follow positive growth?
The 4th Bitcoin Halving which is expected to occur in mid-April 2024 is one of the triggers for the current crypto market bull run. The price of Bitcoin (BTC) itself continues to set new record highs, currently in the US$73,666 zone.
Soaring Before the Bitcoin Halving, Here’s How ETH and SHIB Are Facing Now
At the same time, a number of other cryptocurrencies rode on the biggest spike in history, including Ether (ETH) from Ethereum and SHIB from the Shiba Inu crypto project in the meme coin sector.
In the last 30 days, the altcoin ETH recorded an increase of up to 50 percent and SHIB by 252 percent, according to the latest data from Coinmarketcap.
With this achievement, ETH appears to be targeting US$4,500 and trying to reach its ATH, namely US$5 thousand, which is getting closer after successfully breaking through its psychological level, namely US$4,000 a few days ago. Meanwhile, SHIB is still far from its ATH, namely US$0.00008845 (-62.08 percent) from the current range of US$0.00003348.
ETH’s soaring performance before the Bitcoin Halving is also easy to interpret as a result of internal factors in Ethereum itself, including preparations for a Dencun upgrade in the near future. This important update ensures increased efficiency on the second largest blockchain after Bitcoin.
SHIB itself is performing relatively well, because it is still ranked second based on market capitalization, below DOGE in the meme coin sector. However, in terms of weekly and monthly performance, SHIB is still badly beaten by newcomer meme coins, such as PEPE, which continues to print new ATHs and fly 800 percent in 30 days.
Even the cryptocurrency with the mascot Pepe the Frog is said to have received appreciation from Elon Musk at X, because the richest man in the world uploaded a picture of the green frog, without the slightest “pepe” text.
Based on the latest data from IntoTheBlock it is stated that the number of addresses holding Shiba Inu for the long term decreased from 1.03 million on February 29, 2024 to 1.01 million on March 13, 2024, registering a striking decrease of 20,000.
It can be interpreted that a number of long-term SHIB holders took advantage of the price increase that occurred from late February to early March. This action, along with a drop in its market price and a surge in Avalanche’s value, resulted in Shiba Inu dropping to 11th place among leading cryptocurrencies.
Additionally, there was no significant change in the burn rate of Shiba Inu tokens, remaining around -96 percent. Simultaneously, daily transaction volume decreased from its peak at the end of February of more than 4 million to only 1.06 million at the end of the period, according to data from Shibariumscan.