Shiba Inu (SHIB) is part of the market-wide correction that ensued after Bitcoin (BTC) got rejected at a resistance of $31,000 last month. In particular, the second-largest decentralized meme token has been down roughly 10% in the past seven days. But this hasn’t deterred the teeming community members and external proponents from burning hefty amounts of the canine-themed cryptocurrency.
Amid its current downtrend, SHIB supporters in the Coinmarketcap crypto community remain bullish on Shiba Inu, casting votes on the cryptoasset’s price performance by the end of May 2023.
According to data retrieved on Coinmarketcap on May 9, the social price estimates on the leading crypto-tracking platform suggest that SHIB price would soar by about 26.45% from its price at the time of writing to reach an average price of $0.00001116 on May 31, 2023.
If this price projection plays out as voted on by 2,855 members in the Coinmarketcap community, then there will be an addition of $0.000002333 to SHIB’s current price. The meme token is priced at $0.000008823 per SHIB at press time, dropping by 1,59% in the last 24 hours.
While there is no guarantee that SHIB would perform as projected here, some traders may rely on Coinmarketcap’s social price estimation because it has recorded a stunning 86% prediction accuracy over the last six months. But there are other elements a SHIB investor could consider before investing in the cryptoasset, such as the developments surrounding the project, including Shibaswap 2.0, SHIB Metaverse and Shibarium and the overall crypto market condition.
On the other hand, an administrator in the Shiba Inu community social group hinted at a piece of major news coming later this month. This could be a reason some whales have been caught accumulating hefty amounts of SHIB, probably anticipating a bull run.
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