Shiba Inu is currently hovering around $0.00002487 on Monday, having gained nearly 1% in the day’s trading. This month, the cryptocurrency has mostly moved sideways, with the index price barely rising. With SHIB still trading at a disadvantage, investors are finding it difficult to profit in day trading. However, a new price prediction suggests that Shiba Inu could become extremely bullish and surge 175% this month, in May 2024.
In this article, we will focus on how high the price of SHIB may reach by the end of this month. This prediction is mostly bullish and investors could make a nice profit if the predictions turn out to be accurate.
Shiba Inu: New forecast predicts SHIB will rise 175% this month
CoinCodex, a leading on-chain metrics and price prediction company, has painted a bullish picture for SHIB this month. The latest forecast estimates that the price of Shiba Inu could reach a high of $0.00006844 by the end of May 2024.
Compared to the current price of $0.00002487, the return on investment (ROI) has increased by about 175%. Therefore, if the prediction is accurate, a $1,000 investment could turn into $2,750.
If Bitcoin rebounds and breaks above its all-time high of $73.737, there are greater chances that SHIB will move further in the chart. Shiba Inu’s movements are mostly in sync with Bitcoin and a bull run could also allow SHIB to delete the fourth zero.
Still, there is no guarantee that Shiba Inu will surge 175% this month and bring great returns to investors. The cryptocurrency market is extremely volatile, swinging in both directions and causing serious losses to holders.
It is recommended to conduct thorough research before entering SHIB and trade at your own risk. Global markets remain in a downturn as the conflict in the Middle East has not been brought under control.
If you want to know more about the cryptocurrency world and get first-hand cutting-edge information, click on the avatar to follow Sponge, which publishes daily market analysis and recommends high-quality potential currencies.
