Shiba Inu is currently hovering around $0.00002487 on Monday and is up nearly 1% in the day’s trade. The cryptocurrency is mostly trading sideways this month with little to no price spurts in the indices. Investors are finding it tough to book profits in day trading as SHIB remains on the back foot. However, a new price prediction indicates that Shiba Inu could turn extremely bullish and surge by 175% this month in May 2024.
In this article, we will highlight how high SHIB’s price could reach by the end of the month. The prediction is mostly bullish and if it turns accurate, investors could be rewarded with handsome profits.
Also Read: Shiba Inu Forecasted To Reach 3 Cents: Here’s When
Shiba Inu: New Forecast Predicts SHIB To Rise 175% This Month
Leading on-chain metrics and price prediction firm CoinCodex paints a bullish picture for SHIB this month. The latest prediction estimates that Shiba Inu could reach a high of $ 0.00006844 by the end of May 2024.
That’s an uptick and return on investment (ROI) of approximately 175% from its current price of $0.00002487. Therefore, an investment of $1,000 could turn into $2,750 if the prediction turns out accurate.
Also Read: Shiba Inu Investors Reap Profits in May 2024
If Bitcoin rallies and breaches its all-time high of $73.737, then SHIB has more chances of moving further in the charts. Shiba Inu mostly moves in tandem with Bitcoin and a bull run could also make SHIB delete its fourth zero.
Also Read: SHIB To Rally 227%, Hit $0.000072: Predicts Analyst
Nonetheless, there is no guarantee that Shiba Inu will spike 175% this month and deliver stellar returns to investors. The cryptocurrency market is extremely volatile and cuts both ways delivering severe losses to holders.
It is advised to do thorough research before taking an entry position into SHIB and trade at your own risk. The global markets remain on a slippery slope as the conflict in the Middle East is yet to come under control.