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According to CryptoRank’s data, Shiba Inu could see double-digit gains in April 2024.
March 2024 was a memorable month for crypto investors as they witnessed the prices of their favorite assets embark on remarkable rallies. Interestingly, Shiba Inu participated in the recent rally earlier this month, as its price spiked to around $0.000045 on March 5.
Although Shiba Inu has dipped to $0.000030, it has still been up 115% since the beginning of this month.
Shiba Inu Historical Performance Hints at 13.7% Gain for SHIB Next Month
As March comes to a close, Shiba Inu investors are curious to know what lies ahead for SHIB in April. Historical data from the popular crypto analytic platform CryptoRank suggests that the month of April offers a mixed fortune for Shiba Inu investors.
In particular, Shiba Inu boasts an average return of 13.7%. Conversely, SHIB median return was set at -6.47%. CryptoRank arrived at the figures by analyzing Shiba Inu’s performances in April 2021, 2022, and 2023.
Notably, Shiba Inu had a remarkable performance in April 2021, when SHIB soared by a whopping 69.4%. However, Shiba Inu could not replicate a similar feat in April 2022 and April 2023, as it plunged by 22% and 6.41%, respectively.
It is imperative to note that the historical performance of an asset does not guarantee its future price movement. Moreover, Shiba Inu has only existed for a short period, leaving the canine-themed token with a limited sample size for such analysis.
Potential Factors That Could Influence SHIB Price
Factors like market volatility and socio-economic events could also play a major role in determining Shiba Inu’s performance in April.
Overall, crypto investors expect April to be a bullish month for the broader market. This is because the highly anticipated Bitcoin Halving event is slated to occur around mid-to-late April. It remains to be seen whether the halving event will positively impact SHIB’s price in April.