Will SHIB and DOGE skyrocket after the upcoming bitcoin halving?

Bitcoin halving occurs approximately every four years and is a built-in mechanism to slow down the process of creating new BTC so that the last one will be issued after a century, even though there are already more than 19.6 million of them. .

When the rate of production slows, the demand for the property remains the same or increases, theoretically, the price should increase. The three previous BTC halvings so far have served as catalysts for upcoming bull runs, but not just for the major cryptocurrency, but the entire market as well. Now will that happen, and will it affect the two largest denomination coins? Confusion answers.

In addition to Bitcoin hitting a new all-time high in early March, the current bull cycle is primarily driven by meme coins. The two biggest ones – DOGE and SHIB – have been at the forefront, but the space has also seen the emergence of many newcomers who have attracted the attention of investors.

However, we will focus on Dogecoin and Shiba Inu. The former is ranked 8th in market value, four places behind the self-proclaimed killer in the race for the meme coin leadership.

The popular chatbot believes that the halving, which is due to take place on April 19, “could make bitcoin's price unsustainable due to high demand.” Although the asset has returned double digits since March ATH, this may actually be good news – find out why here.

In terms of potential benefits for SHIB and DOGE, the chatgpty competitor said:

“Shiba Inu (SHIB) and Dogecoin (DOGE) are moving in tandem with Bitcoin, so prices may rise during Bitcoin's halving event.”

Coming down to Dogecoin, there were many predictions that the OG meme coin could rise to $1 in this cycle, which means a 5x increase from its current position.

The increasing number of fires and the increasing number of transactions on the Shibarium, on the other hand, is one of the developments that show the ecological development of the Shiba Inu. Thus, SHIB forecasts indicate a more modest 40% increase in the next few weeks and up to 300% in the coming months.

Still, Perplexity warns that the crypto market is highly volatile. Moreover, meme coins are known for more volatile price fluctuations, which investors should be careful about before dealing with them.

Anyway, the Bitcoin halving is one of the most important events for the crypto industry, so if you want to know more about it, watch our video.