Shiba Inu ($SHIB), a cryptocurrency inspired by memes, is expected to increase in value by almost 30% by the end of the month to trade at 0.00001084 per token, up from its current price of $0.00000816. The majority of the almost 1,200 cryptocurrency community members who provide estimates on CoinMarketCap’s website believe that the price of the cryptocurrency will increase by the end of the month, with projections becoming progressively more conservative. The neighborhood expects a 7% increase from present levels by the end of May.
It’s critical to note that the predictions made by the bitcoin community may not be realized at all. The platform claims that the community’s historical accuracy is just over 68%, while recent data indicates that it reached as high as 93% in September before falling to 63% in December 2022.
The cryptocurrency is receiving positive feedback from the community as its user base keeps expanding. The SHIBArmy has been adding 600 new wallets every day over the past several weeks, as CryptoGlobe noted, even in the midst of a bear market that has now persisted for more than a year in the cryptocurrency field.
In light of the slump in the cryptocurrency market, which has also been impacting trade volumes and retail investors’ interest in the field, the number is down from the 1,500 or so new wallets holding $SHIB earlier this year. A long hold period “signals an accumulating trend,” the cryptocurrency exchange says on its platform, while a short hold time “indicates increasing movement of tokens.” Since the feature was added, Shiba Inu’s normal hold time on the exchange has noticeably increased.
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