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Citing inputs from multiple reputable sources, this article examines how high Shiba Inu could rise in May 2024.
Shiba Inu has followed the trajectory of the broader market, as it starts shedding the gains of the recent recovery push. Despite the ongoing correction, which has seen it collapse by as much as 8% over the last 24 hours, SHIB continues to defend the $0.000025 territory.
However, as the month of April draws to a close, some market watchers expect SHIB to give up this support and trade at lower levels before month-end. While short-term sentiments remain bearish, long-term sentiments have been noticeably bullish, as optimism around the Bitcoin halving prevails.
As a result, some market watchers and investors expect Shiba Inu to perform well in May. Nonetheless, should this projected growth materialize, the rate at which SHIB could increase remains contested. The Crypto Basic evaluated this rate, taking considerations from multiple reputable platforms.
Shiba Inu Projected to Reach $0.00008 in May 2024
Notably, Changelly, a prominent crypto exchange, recently reported on Shiba Inu’s current position and its possible price trajectory in the next few months and years. Per the report, analysts at Changelly believe SHIB may rise to a maximum price of $0.00008740 in May 2024, representing a 248% increase from its current price.
These analysts also believe Shiba Inu would retain an uptrend throughout May, suggesting that its average price for the month would be $0.00006120. In addition, the Changelly report says SHIB would not trade below the $0.00003 threshold in May, projecting a minimum price of $0.00003490.
Crypto analytics resource CoinCodex is also bullish on Shiba Inu for next month. This bullish projection spills into the short term, with SHIB predicted to reach $0.00003278 in the next five days. In addition, CoinCodex sees SHIB hitting $0.00008284, marking a 230% rise from the current price. This aligns with Changelly’s projection.
Possible Rise to a Range of $0.00004 to $0.00007
While Cryptorank, another crypto analytics platform, does not particularly present Shiba Inu price projections, its analysis provides insights into SHIB’s potential trajectory for May. The Cryptorank algorithm leverages historical data to highlight its average performance in May.
Historical data indicates that Shiba Inu has seen an average of 99% increase every May since its launch. This bullish rate is due to the upsurge in May 2021, which saw SHIB rise by 355%. Although Shiba Inu declined in May 2022 and May 2023, its average historical performance remains bullish.
From the current price, if Shiba Inu records this average increase of 99% in May 2024, its price could skyrocket to $0.00004991, surpassing the yearly peak of $0.000045 and hitting a value last seen in November 2021.
To explore varieties, The Crypto Basic sought ideas from AI, specifically Google Bard (now Gemini). We asked Gemini what it believes Shiba Inu’s price could rise to in May, given the current $0.00002508. The AI chatbot projected that SHIB could reach a range between $0.00004 and $0.00007, noting that this price bracket remains possible.
However, Gemini stressed that this scenario is speculative. The same applies to all the projections presented in this article. As a result, investors should not see them as investment advice.