Towards the end of April, there were tough times for Shiba Inu, one of the popular meme coins in the crypto world. This month saw a significant decline in the value of the Shiba Inu, marking a worrying period for investors. At the beginning of April, the Shiba Inu began trading for around $0.00003. However, as the month progressed and the days passed, the SHIB value entered a serious downward trend. The price of the Shiba Inu dropped to $0.0000185 at one point, a drop of approximately 40%. This decline made investors nervous and created a significant selling pressure in the market.
With April coming to an end, attention now turns to May for the Shiba Inu.
According to data from market tracker CryptoRank, the average profitability of Shiba Inu in May is 99.3%. This can be considered a very remarkable figure for the cryptocurrency community and a hopeful sign for Shiba Inu investors. However, to fully understand the meaning of this number, it is important to consider past performance.
In May 2021, SHIB had demonstrated a remarkable rise, experiencing an incredible 355.4% growth. During this period, SHIB rose from a low of $0.0000016 and rose to a high of $0.0000388. However, expecting a similar outstanding performance does not mean assuming that past successes will be repeated in the future. Because in May 2022 and 2023, the Shiba Inu recorded significant losses of 42.1% and 15.4%, respectively. These losses were often part of bearish periods tied to broader trends in the crypto market. In particular, it is known that the overall market trends of 2022 and 2023 are negative and many crypto assets are losing value.
On the other hand, considering that the crypto market is experiencing a bull run in 2024, the Shiba Inu seems likely to have a more positive performance this time. Market analysts are pointing to SHIB’s potential to repeat its past successes, generating excitement among investors.
Shiba onu is currently trading at $0.00002336, considering its 355.4% gain in May 2021, it could reach $0.00010634 next month if it repeats history. Despite this optimistic forecast, analysts disagree on the timeline. Market watchers predict a price of $0.0001 for SHIB and expect it to happen next year.
However, it is still important to keep in mind that future performance is uncertain and past results do not guarantee future performance. It will be necessary to carefully monitor and analyze the market to see how the Shiba Inu will perform in May.
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Source : the crypto basic