Shiba Inu (SHIB), the popular meme cryptocurrency, is garnering significant attention from investors and enthusiasts as historical data and recent developments suggest the possibility of a substantial price movement in the coming month.
Despite the token’s recent bearish trend, aligned with the broader crypto market, the Shiba Inu community remains optimistic about the potential for significant returns in the near future.
TLDR
- Shiba Inu (SHIB) may experience a significant price movement in May, with historical data suggesting a potential 100% pump.
- SHIB’s burn rate has soared over 900% in the past 24 hours, with 45.16 million tokens destroyed, adding optimism to the market.
- Despite the recent price dip, analysts expect SHIB’s price to recover, potentially reaching $0.0001, due to upcoming Shibarium upgrades.
- The Shibarium hard fork, set for May 2, promises improvements in network stability, faster transactions, and heightened innovation within DeFi.
- May has historically been a profitable month for SHIB, with an average profitability of 99.3%, indicating a possible price surge to $0.000050.
According to insights from CryptoRank, May has historically been a month of considerable fluctuation for SHIB, with an average profitability of 99.3%.
This hints at the prospect of a substantial increase in value, potentially doubling the current price of $0.0000243 to a minimum of $0.000048 per token.
Adding to the optimism surrounding Shiba Inu is the recent surge in the token’s burn rate.
According to data from the tracker Shibburn, SHIB’s burn rate rocketed 921.31% in the past 24 hours, with 45.16 million tokens destroyed.
This has triggered a wave of confidence among investors, as the diminishing exchange supply is expected to positively impact the token’s market dynamics.
The Shiba Inu community has been actively pursuing the token-burning strategy to address the issue of excessive supply, which has been attributed to SHIB’s sluggish performance.
To date, 410.72 trillion SHIB tokens have been destroyed, yet the current supply remains at 582.88 trillion.
While the continuous burning of SHIB is expected to fuel a bull run for the token, aligning with the law of supply and demand, the token’s price noted a 4.49% dip at press time, contradicting the community’s efforts to boost SHIB tokenomics.
Despite the recent price drop, market analysts remain bullish on Shiba Inu’s future prospects.
A CoinGape Media analysis further fueled optimism, paving the road for a price target of $0.0001. This target is predominantly linked to the anticipated Shibarium upgrades, which include a hard fork and a Layer 3 solution in the works.
The Shibarium hard fork, slated for May 2, promises a range of improvements to the network, including better stability, faster transactions, and heightened innovation within the DeFi space.
Developers believe these changes will make Shibarium more robust, secure, and user-friendly, providing a reliable foundation for projects built on the platform.
Market analysts view the Shibarium upgrade as a bullish catalyst for SHIB, which has faced significant challenges in recent weeks.
Over the past 30 days, SHIB’s price has dropped by approximately 25%, with a modest uptick of nearly 2% in the past 24 hours.
However, analysts foresee this upward trend extending into May, which is usually profitable for SHIB, boasting an average profitability of 99.3%. If history repeats, SHIB’s price could surge to $0.000050 in the upcoming month.
