Shiba Inu, an ERC-20 token built on the Ethereum network, has emerged as the 16th largest cryptocurrency by market capitalization with its native token SHIB. Over the past three years, SHIB has gained a significant following, with almost 1.3 million holders and a daily trading volume of nearly $125 million.
As per CoinMarketCap, Shiba Inu’s current price is trading at $0.00001009, reflecting a 0.9% increase in the last 23 hours. In the first two months of 2023, SHIB surged by 77%, peaking at $0.00001473 in February.
Shiba Inu: May 2023 Outlook
Shiba Inu had a strong Q1 in terms of price performance but lost its gains in Q2. After hitting a yearly high of $0.00001473, it dropped by nearly 40% in less than two months in the second quarter of 2023. It seems that SHIB may not experience another price jump, as it is expected to trade flat or decline in May 2023.
Changelly, an on-chain metrics and price prediction firm, has suggested that Shiba Inu may briefly spike in mid-May 2023, reaching a maximum high of $0.00001066.
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This would be a 7.36% increase from its current price, indicating little to no growth potential and meager returns for the token this month. Similarly, other cryptocurrencies like XRP, Solana, and ChainLink are predicted to trade sideways in May.
However, the forecast paints a bearish picture for SHIB during the last week of May, with the token potentially dropping to a low of $0.000009208. As a result, it is recommended to monitor SHIB’s price movements before considering an entry position into the cryptocurrency this month.
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