Shiba Inu has had an intriguing history since its launch in 2020. After a tumultuous March that saw SHIB regain some of its lost gains, investors are now looking curiously toward April and hoping for better performance. There is good news for the SHIB community, as historical data suggests the possibility of a price increase for the token.
CryptoRank, a prominent crypto analytics platform, examined SHIB’s performance in April across 2021, 2022, and 2023. The analysis reveals an average return of 8.64% for Shiba Inu during April. However, it’s important to acknowledge the data’s variability, with a median return of -6.46%.
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This variation is explained with a further analysis of SHIB’s April performance data. Shiba Inu’s most impressive April performance came in 2021 when its price skyrocketed by a staggering 69.4%. This period coincided with the overall bull market that dominated the cryptocurrency landscape in that year. Unfortunately, SHIB wasn’t able to replicate this success in the following April.
The token’s price dipped by 22% in April 2022. It attempted a comeback but closed April 2023 in the red with a decline of 6.41%. At press time, SHIB showed a 6.51% decline for April 2024, mirroring the meme coin’s decline on April 1. Despite many bullish predictions, Shiba Inu fell from a 24-hour high of $0.00003077 to $0.00002872.
While historical data can offer some insights, it’s crucial to recognize that past performance does not guarantee future results. Shiba Inu is a relatively young cryptocurrency, having only been around for a few years. This limited track record makes it challenging to establish definitive patterns or predict future price movements with absolute certainty.
Furthermore, the cryptocurrency market is susceptible to various external factors. Broad economic trends, unforeseen social events, and industry-specific developments can significantly impact cryptocurrency prices, and Shiba Inu’s rise and fall in March which mirrored Bitcoin’s movements show the meme coin is susceptible to market trends.
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One significant event on the horizon that could influence the broader cryptocurrency market in April is the anticipated Bitcoin halving. This pre-programmed event reduces the amount of new Bitcoin awarded to miners by half, which, historically, has led to price increases for Bitcoin.
Many analysts and crypto enthusiasts believe this will lead to massive surges, and SHIB could enjoy these surges with the rest of the market.
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