Examining the potential rise of Shiba Inu in May 2024, this article draws on inputs from various reliable sources. Shiba Inu has been following the broader market trend, experiencing a decline in the recent recovery push. Despite this correction, the cryptocurrency has managed to defend the $0.000025 territory.
As April comes to an end, some market watchers predict that SHIB will lose this support and trade at lower levels before the end of the month. While short-term sentiments remain bearish, long-term sentiments are notably bullish due to optimism surrounding the Bitcoin halving.
As a result, many market watchers and investors anticipate a strong performance from Shiba Inu in May. However, the rate at which SHIB could increase is still a topic of debate. The Crypto Basic has evaluated this rate by considering information from multiple reputable platforms.
According to a recent report by Changelly, a prominent crypto exchange, analysts believe that SHIB could reach a maximum price of $0.00008740 in May 2024, representing a 248% increase from its current price. They also predict that Shiba Inu will maintain an uptrend throughout May, with an average price of $0.00006120. Furthermore, the report states that SHIB will not trade below the $0.00003 threshold, projecting a minimum price of $0.00003490.
Another bullish projection for Shiba Inu in May comes from crypto analytics resource CoinCodex. They predict that SHIB will reach $0.00003278 in the next five days and eventually hit $0.00008284, marking a 230% rise from the current price. This aligns with Changelly’s projection.
While Cryptorank, another crypto analytics platform, does not provide specific price projections for Shiba Inu, its analysis offers insights into the potential trajectory of SHIB in May. Historical data suggests that Shiba Inu has experienced an average increase of 99% every May since its launch. This bullish trend is primarily driven by the upsurge in May 2021, where SHIB rose by 355%. Despite declines in May 2022 and May 2023, the average historical performance remains bullish.
Based on this average increase, if Shiba Inu records a 99% rise in May 2024, its price could skyrocket to $0.00004991, surpassing the yearly peak of $0.000045 and reaching a value last seen in November 2021.
To explore different possibilities, The Crypto Basic sought insights from AI, particularly Google Bard (now Gemini). When asked about Shiba Inu’s potential price in May, given the current price of $0.00002508, the AI chatbot projected a range of $0.00004 to $0.00007, noting that this price bracket remains a possibility.
However, it’s important to note that this scenario and all the projections in this article are speculative. Investors should not consider them as investment advice.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article may reflect the author’s personal opinions and do not necessarily represent the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses.