Shiba Inu (SHIB), a popular meme coin, has experienced significant price fluctuations since January. After prolonged underperformance, SHIB outperformed most of the market in early March, then proceeded to lose most of those gains in the weeks that followed.
With April nearing its end, investors are looking toward May, a historically bullish month for the token, to gauge its potential performance. However, a deeper dive into Shiba Inu’s May history paints an intriguing picture.
Read Also: What History Says About Shiba Inu (SHIB) April Performances. Bullish or Bearish? Details
Shiba Inu’s Past Performance in May
Data from cryptocurrency tracking platform CryptoRank reveals an intriguing trend: May has historically been a favorable month for SHIB. On average, the token has achieved a profitability rate of 99.3% during this period.
This positive statistic is largely influenced by the exceptional growth witnessed in May 2021, where SHIB skyrocketed by a remarkable 355.4%. During that period, the token price surged from a low of $0.0000016 to $0.0000388, eliminating a zero from its decimal value.
However, a closer look reveals a more nuanced picture. While May 2021 delivered exceptional gains, the subsequent two Mays (2022 and 2023) went in the opposite direction. During these years, the broader cryptocurrency market experienced a bearish trend, and SHIB was not immune.
The token registered significant losses of 42.1% and 15.4% in May 2022 and 2023, respectively. However, Shiba Inu is forming bullish patterns on its chart and many analysts believe a rally is on the horizon.
Where Will SHIB Go in May 2024?
The year 2024 presents a different scenario. The cryptocurrency market is currently experiencing a bullish run, prompting market analysts to revisit SHIB’s potential for replicating its past success in May.
Opinions regarding the specific timeline for SHIB’s potential growth vary among analysts. A legendary investor recently shared his prediction that SHIB might reach $0.001 in 2024 or 2025, breaking its all-time high.
Analysts at the cryptocurrency exchange Changelly hold a more optimistic view for May 2024, projecting a predominantly bullish trend for SHIB with double-digit percentage growth. However, their projected peak price for the token in May 2024 is $0.00008351, which falls short of the record high of $0.00008845 achieved in 2021.
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Read Also: Analyst Sets $0.001 Shiba Inu (SHIB) Price After Bitcoin Halving
Can History Repeat Itself for Shiba Inu?
Based on SHIB’s historical average gain of 355.4% in May 2021, a price of over $0.0001 could be achievable in May 2024 if the token repeats that performance. This price point would surpass the meme coin’s all-time high, generating significant excitement among investors and heading toward more ambitious targets like $0.001.
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