Shiba Inu is currently hovering around $0.00002487 on Monday, having gained nearly 1% in the day’s trading. The cryptocurrency has mostly traded sideways this month, with the index seeing few price spikes. Investors are finding it difficult to profit on day trading as SHIB remains at a disadvantage. However, a new price prediction suggests that Shiba Inu could turn very bullish and surge 175% this month, May 2024.
In this article, we will focus on how high the price of SHIB may reach by the end of this month. The prediction is mostly bullish and if it turns out to be accurate, investors could make a nice profit.
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Shiba Inu: New forecast: SHIB will rise 175% this month
Leading on-chain metrics and price prediction company CoinCodex has painted a bullish picture for SHIB this month. The latest forecast estimates that Shiba Inu could reach a high of $0.00006844 by the end of May 2024.
This is an increase of about 0.00002487% from the current price of $175. Therefore, a $1,000 investment could turn into $2,750 if the prediction is accurate.
If Bitcoin rebounds and breaks above its all-time high of $73.737, there are more chances for SHIB to move further in the chart. Shiba Inu mostly moves in sync with Bitcoin and a bull run could also allow SHIB to delete its 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 very volatile, and cutting in both directions can cause serious losses to holders.
It is recommended to do thorough research before entering SHIB and do so at your own risk. Global markets remain in a downturn as the conflict in the Middle East has not been brought under control.
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