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The upcoming Bitcoin (BTC USD) The halving is expected to occur on or around April 15, according to the most current sources. This will have the current block reward of 6.25 BTC. After April 15th, miners will then be rewarded with 3,125 BTC per block mined. Many experts expect the prices of some altcoins to double in the run-up to the event.
Crypto investors have seen impressive price increases in Bitcoin over the past month. Prices rose to over $73,000 and have done so since withdrawn back to $70,000. Time will tell, but it is entirely possible that these prices will rise again in the coming weeks. This would be a strong catalyst for the potential doubling of cheap altcoins.
Let’s take a look at three such altcoins.
Dogecoin (DOGE-USD)
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Dogecoin (DOGE-USD) used to be a deflationary asset like Bitcoin. It’s not often talked about, but Dogecoin previously experienced halvings, just like Bitcoin is currently doing.
Dogecoin experienced its last halving in 2014. The project’s protocol was later changed so that there is now an unlimited supply of DOGE. This transition transformed it from a deflationary asset to an inflationary asset. This information is not particularly important to understand why Dogecoin could double in the run-up to the Bitcoin halving, but is just an interesting piece of information.
To be completely honest, there is no rational and predictable way to express why Dogecoin should double in the next few weeks. However, it has historically traded at 60 cents and is currently trading at 15 cents. Previous Bitcoin halvings corresponded with price increases for Dogecoin.
Dogecoin is the most established meme coin and therefore probably the most stable. This is a good thing for investors looking to potentially double, as the downside risk is likely to be lower.
Shiba Inu (SHIB-USD)
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Shiba Inu (SHIB USD) has already risen by more than 160% since the beginning of 2024. A large part of this increase is due to the excitement around owning Bitcoin and the resulting increase in Bitcoin prices. This also means that Shiba Inu prices have fallen over the last week as bearish sentiment emerged around BTC.
It should be noted here that Shiba Inu is very volatile. This means that when the price of Bitcoin increases by 1%, the increase in Shiba Inu is often much larger. The opposite is also true, meaning that Shiba Inu has lost a lot of value as Bitcoin has declined.
SHIB is highly speculative and should Bitcoin rise again, Shiba Inu is bound to see outsized returns due to this volatility. Investors should note that in order for Shiba Inu to double again, it will need to surpass historical highs, although not by much.
Pepe (PEPE-USD)
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Pepe (PEPE-USD) could simply be the joke meme coin to dethrone the meme coin that dethroned the original meme coin. All I want to say here is that Shiba Inu was once the successor to Dogecoin, the original meme coin. Maybe then Pepe could overtake Shiba Inu in terms of popularity.
Honestly, Pepe seems to be the best positioned of the three altcoins discussed here in terms of its potential. It is the youngest of the three coins and has not undergone the same testing as the others. This means that investors really don’t know how high the price can go. Conversely, they have seen what Dogecoin and Shiba Inu are capable of in the best and worst of times in recent years. The point is that Pepe could logically go much higher simply because it is relatively untested.
At the time of publication, Alex Sirois did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.