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Based on the historical 355% observed for the past period, Shiba Inu could witness the much-awaited comeback next month in May.
The month of April has posed a significant setback for Shiba Inu, with more bearish days than bullish. Shiba Inu opened the month with a price in the $0.00003 range. However, it later lost about 40% of that value, dropping to $0.0000185. With April winding down, attention now turns to May, an averagely bullish month for Shiba Inu.
Shiba Inu Historical Performance in May
According to data from market tracker CryptoRank, Shiba Inu’s average profitability in May stands at 99.3%. Ordinarily, this figure hints at the potential for next month to be favorable for Shiba Inu.
However, it is worth mentioning that the average gain was bolstered by the remarkable 355.4% growth SHIB witnessed in May 2021. Notably, during that period, SHIB soared from a low of $0.0000016, canceled a zero, and traded at $0.0000388.
Meanwhile, in May 2022 and 2023, Shiba Inu registered substantial losses of 42.1% and 15.4%, respectively. It is worth noting that 2022 and 2023 were typically bearish periods in the broader market. As a result, it is not entirely unusual that Shiba Inu experienced negative gains during May of those years.
On the flip side, the crypto market is currently experiencing a bull run in 2024, and market analysts have consistently highlighted SHIB’s potential to replicate past successes.
Shiba Inu Repeating History
At press time, Shiba inu holds a prevailing market value of $0.00002336. Given the asset’s average gain of 355.4% in May 2021, it could reach a value of $0.00010634 next month if it repeats history.
Remarkably, the $0.00010634 price would mark a new peak value for Shiba Inu, considering its 2021 ATH at $0.00008845.
Despite this optimistic projection, analysts disagree on the timeline. Market watchers with projected price points around $0.0001 for SHIB expect it to be the asset’s peak for this cycle, essentially next year.
Moreover, analysts at the crypto exchange Changelly recognized that May 2024 would be predominantly bullish for Shiba Inu, projecting double percentage growth. Yet, they argue Shiba Inu’s highest price for May 2024 would be $0.00008351.