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Crypto community with 86% historical accuracy sets SHIB price for May 31, 2023

Crypto community with 86% historical accuracy sets SHIB price for May 31, 2023

Although the price of Shiba Inu (SHIB) has been suffering a decline over the past several weeks, along with the rest of the cryptocurrency sector, optimism still runs high, and the crypto community is expecting a recovery by the end of the month.

Indeed, the social estimates over at the cryptocurrency monitoring and community website CoinMarketCap have put the average price of Shiba Inu at $0.00001116 on May 31, 2023, according to the most recent voting information accessed by Finbold on May 9.

In other words, should the community’s predictions for the average SHIB price for the end of May, which are the result of 2,855 member votes cast by press time, come true, they would represent an increase of +26.45% or +$0.000002333 to the price of Shiba Inu at the time of publication.

SHIB end of May price estimation. Source: CoinMarketCap

It is also worth mentioning that, over the previous six months, the crypto community at CoinMarketCap has had a historical accuracy of over 86%, making it a worthwhile addition to the market indicators used in trying to gauge the token’s future price trends.

SHIB 6-month estimation accuracy. Source: CoinMarketCap

SHIB price analysis

Meanwhile, Shiba Inu is currently changing hands at the price of $0.000008823. This represents a drop of 1.10% on the day, in addition to declining 11.40% across the previous week and losing 18.69% on its monthly chart, according to the latest data retrieved on May 9.

SHIB 7-day price chart. Source: Finbold

Whether the community’s bullish predictions for the price of SHIB by the end of the month manage to materialize or the bears prevail will depend on further developments in the Shiba Inu ecosystem, such as the release of the Shibarium mainnet, but also on the general atmosphere on the crypto and macroeconomic landscape.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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