- The month of May is expected to be huge for Shiba Inu as it has an average profitability of 99%, according to historical data.
- However, investors have been asked to exercise caution as past performances are just for insight, not predictive indicators.
The rollercoastering price of Shiba Inu (SHIB) amid the current market downturn creates a rare entry point for accumulation as an analyst observes a huge bullish outlook from the historical data. Subjecting the meme coin to critical analysis is the analytical platform CryptoRank, which has hinted at a massive shift in May marked by substantial volatility in the asset’s value with a potential doubling.
Shiba Inu’s Profitability Stands Tall in May
The Month of May has been a period of significant market fluctuation for Shiba Inu with an average profitability of 99%. From the current value of $0.00002348, Shiba Inu could appreciate to around $0.000048. Interestingly, this prediction coincides with a recent observation of Rekt Capital who noted that the meme coin has reached the same level as the one from early 2022. At that time, Shiba Inu was rejected from the same level it currently holds as support.
From the chart above, it can be observed that Shiba Inu reached the blue resistance level but was rejected from. The asset could not also breach the blue resistance line on its first attempt in late 2021. Interestingly, that rejection forced Shiba Inu to retest the orange level as a new support before making an upsurge. According to Rekt Capital, Shiba Inu is in the process of retesting the orange level once again.
Despite the confirmation of a bullish reversal, investors have, however, been advised to exercise caution since the broader indicator of median profitability presents a more subdued outlook. Realistically, Shiba Inu has experienced both growth and decline in the three Mays in its history. In May 2021, the asset recorded a staggering surge of 355.4%. However, the subsequent periods in 2022 and 2023 saw declines within the range of 15.4% to 42.1%. To the analysts, past performance provides insights but is not a “predictive indicator of future movement.”
Shibarium Hard Fork Fixed on May 2
With Shiba Inu expected to double its price, the Shibarium hard fork has also been set for May 2 as developers introduce new features to unlock the next-level capabilities on the network. According to the official statement, this upgrade is not just a technical shift, but about delivering new value and simplifying engagement with Shibarium as highlighted by Crypto News Flash.
SHIBARMY, we are on the brink of a transformative upgrade for Shibarium. Through an upcoming hard fork expected to go live on May 2nd, we’re introducing a suite of new features designed to enhance user experience and empower our community of innovators and developers.
As part of this process, there will be an implementation of quicker block processing times and profitable transaction fees. It will also smooth out transaction fee variations in periods of high traffic times to make the cost more predictable and fair. With all of these implementations, Shibarium, in addition to becoming more robust and secure, would ensure users have the best tools at their disposal.
At press time, Shiba Inu was down by 6% in the last 24 hours, 13% in the last seven days, and 21% in the last 30 days.
