Shiba Inu has taken the world by storm as a popular cryptocurrency, often referred to as the “Dogecoin Killer.” With its cute and friendly Shiba Inu dog mascot, this digital asset has captured the hearts of many investors who are hoping for a high return on their investment. As we approach May 2023, investors are curious about Shiba Inu’s future and what the price prediction will be for this particular month. In this article, we will take a closer look at the factors that could influence the price of Shiba Inu and explore some potential scenarios for its value in May 2023.
The Shiba Inu ecosystem has recently been challenged. Despite a flurry of product launches and alliances, the second-largest meme coin in market capitalization has needed assistance acquiring new users. Surprisingly, its investors have shown endurance and clung to their coveted meme coin, refraining from selling at the first sign of a collapse. Because of Bitcoin’s shifting value, Shiba Inu’s value outweighs its attraction. Shiba Inu hasn’t attracted any new network users in the recent two weeks. Shiba Inu Network growth has reportedly slowed by 30%, from 1,624 on April 16 to 1,147 at the end of April 25.
Shiba Inu performed poorly in April 2023, barely rallying in the indices. Shiba Inu price forecast for May 2023 has been widely discussed on the internet as we approach the end of April. According to the coin-codex analysis’s current price estimate, the value of Shiba Inu is predicted to fall by -0.90% by May 3, 2023, reaching US$0.00001024. According to the technical indicators, the current mood is bearish, and the Fear & Greed Index reading is 64 (Greed). Shiba Inu had 3.45% 30-day volatility with 15/30 (or 50%) green days. The Shiba Inu prognosis shows that now is not the time to buy one.
Furthermore, coincodex analysis suggests that comparing Shiba Inu to other significant technical advancements and trends is one method for forecasting where the price may go in the long run. The following table shows the price of a Shiba Inu in 2024, 2025, and 2026 if its growth trajectory had been the same as that of the internet or large tech corporations like Google and Facebook during their boom periods. In the best-case scenario, if Facebook’s expansion continues, the SHIB price forecast for 2026 is US$0.000291. If Shiba Inu increased at the same rate as the Internet, its anticipated value in 2026 would be US$0.00003342.
SHIB gradually grew in value before plummeting as markets became turbulent. Despite the volatility of Bitcoin’s value, Shiba Inus are growing more popular for a variety of reasons. Shiba Inu is now worth US$6,069,470,979 and is valued at US$0.0000103.
Importantly, due to its total supply of 999.99 trillion tokens, SHIB is much more widely used than DOGE, which has a current circulation of only about 133 billion tokens. However, remember that Vitalik Buterin, co-founder of Ethereum, will receive half of Shiba Inu’s token supply in May 2021. After Buterin decided to burn 90% of his tokens and donate the remainder, the circulating supply of SHIB fell to around 589 trillion. Within a year, SHIB could overtake DOGE as the most valuable coin. These coins have dominated the meme coin market in recent years. Both have some of the largest fan bases in the cryptocurrency sector.
