Shiba Inu, the popular cryptocurrency, is expected to make a comeback in the upcoming month of May after a challenging April. Despite starting the month at a price of $0.00003, Shiba Inu experienced a 40% decline, dropping to $0.0000185.
As we approach the end of April, attention now turns to May, which has historically been a moderately bullish month for Shiba Inu. According to data from CryptoRank, Shiba Inu has seen an average profitability of 99.3% in May. This indicates the potential for a favorable performance next month.
However, it’s important to note that the average gain is largely influenced by the impressive growth of 355.4% that Shiba Inu experienced in May 2021. During that period, Shiba Inu surged from a low of $0.0000016 to a high of $0.0000388.
In contrast, Shiba Inu faced significant losses in May 2022 and 2023, with declines of 42.1% and 15.4% respectively. These years were generally bearish for the broader market, so it’s not unexpected that Shiba Inu also experienced negative gains during those periods.
However, the current crypto market is currently in a bull run in 2024, and experts believe that Shiba Inu has the potential to replicate its past successes. With Shiba Inu’s current market value at $0.00002336, if it repeats its historical gain of 355.4%, it could reach a value of $0.00010634 next month. This would be a new peak for Shiba Inu, surpassing its previous all-time high of $0.00008845 in 2021.
Despite this optimistic projection, there is disagreement among analysts regarding the timeline. Some expect $0.0001 to be the peak for Shiba Inu in this cycle, which would occur next year. On the other hand, analysts at the crypto exchange Changelly predict a predominantly bullish May 2024 for Shiba Inu, with a projected highest price of $0.00008351.
It’s important to note that this article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.
