Popular meme coin shiba inu (SHIB) ranks 15th in terms of market capitalization. The project has a daily transaction volume of 125 million dollars with close to 1.3 million investors in the last three years.
According to CoinMarketCap, the Shiba Inu price is currently trading at $0.000001009 and is up 0.9%. SHIB hit $0.00001473 in February, up 77% from January to early March 2023.
After SHIB fell in mid-March, its digit added another zero. However, it was able to quickly delete the zero it added to this price. So, how may the price movement in May 2023 be, here are the remarkable details.
Shiba Inu May 2023 Price Forecast
Looking at the price movements of Shiba Inu this year, the token performed well in Q1 but lost its gains in Q2. After hitting a year high of $0.00001473, it fell nearly 40% in less than 60 days in Q2 2023. SHIBseems a bit far from the possibility of saving another bounce in indices. On the other hand, in May 2023, it can either fall or trade sideways.
Analyzing on-chain metrics, Changelly predicts that the Shiba Inu may briefly rise in price in May 2023. According to the forecast, SHIB could reach a high of $0.00001066 in mid-May.
This represents a 7.36% increase from its current price. Therefore, according to forecasts, the token may see little or no growth this month and may provide insufficient returns. Other cryptocurrency units are also sharing similar patterns this month with little or no price action. Tokens such as XRP, Solana, and ChainLink are expected to be flat throughout the month.
Forecasts painted a bearish picture for SHIB in the last week of May. It is predicted that the token could clear ‘zero’ once again and fall as low as $0.000009208. Therefore, it is recommended to wait and watch the price movements of SHIB before taking an entry position in the cryptocurrency this month.
You can follow the current price action here.