After a temporary hike in the price of Shiba Inu (SHIB) during the previous week, the dog meme cryptocurrency has continued to move in a bearish pattern.
Nevertheless, the crypto community at CoinMarketCap seems to be very bullish on its future, projecting that the meme token will trade at an average of $0.00003167 by May 31, 2022, with 23,782 votes.
In particular, the estimated price indicates a $0.000008972 or 39.52% increase from the decentralized finance (DeFi) asset’s current value.
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Elsewhere, the votes of 14,685 community members for the end of June established a slightly lower target than May’s, predicting that SHIB will trade at $0.0000287, which is $0.000006003 or 26.44% higher than its price at press time.
It’s also worth mentioning that, based on the performance of previous projections, the crypto community has historically predicted the month-end price of Shiba Inu with an accuracy rate of 70.03%.
SHIB price analysis
Currently, SHIB is trading at $0.0000227, down 2.62% on the day and 5.48% across the previous seven days, according to CoinMarketCap data.
Meanwhile, the total market capitalization of the token at the time of publication stood at $12.3 billion, placing SHIB as the 15th-largest cryptocurrency per this indicator.
Interestingly, the community is still rather optimistic about the digital asset, anticipating that more investors will buy Shiba Inu coin in the following months, albeit not long after the commission-free investment platform Robinhood finally listed Shiba Inu following numerous petitions.
As a result of the listing, the coin saw an immediate rush of capital, with $1 billion flowing into its market cap in under an hour, paying off the optimism of long-term holders that had grown their SHIB holdings by nearly 60% in one month, as Finbold reported.
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