As the majority of assets in the cryptocurrency market start to make significant advances, Shiba Inu (SHIB) is no exception, having already gained close to 9% to its price in just the past 24 hours, and artificial intelligence (AI) and machine learning algorithms predict more gains.
Indeed, Shiba Inu is recovering from last week’s underperformance, proceeding on its path to make this year an exceptionally successful one in which it has already advanced nearly 150%, driven by positive developments such as an astonishing increase in the number of new accounts on Shibarium.
30-day SHIB price forecast. Source: PricePredictions
If these predictions, which rely on technical analysis (TA) indicators like relative strength index (RSI), moving average convergence divergence (MACD), and others, come true, they would represent an increase of12.45% from the price of Shiba Inu at press time.
SHIB price analysis
For now, SHIB is changing hands at the price of $0.00002579, suggesting an increase of 8.28% in the last 24 hours, recovering from the loss of 5.69% accumulated across the past seven days, adding up to the 4.10% gain on its monthly chart and resuming the 149.22% advance this year, as per data on June 5.
SHIB price 30-day chart. Source: Finbold
So why is Shiba Inu going up? Notably, the welcome price change to the upside coincides with a significant increase in activity on Shiba Inu’s blockchain platform, Shibarium, which has seen the number of new accounts rise by 3,336.67% in just 24 hours, soaring from 30 on June 3 to 1,031 overnight.
New Shibarium accounts per day. Source: Shibariumscan
It is also worth noting that early Bitcoin (BTC) adopter and crypto trading expert Davinci Jeremie has recently shared his views that Shiba Inu’s price will rally soon, opining that the currently 11th-largest asset in the crypto sector by market capitalization would hit $0.00006, a 132.65% increase from its current levels.
Want to know my Shiba market projection? ??This bull run is looking hot! ?Shiba's rising, let's make some money ?? pic.twitter.com/uJJZPKpuVB
— Davinci Jeremie (@Davincij15) May 28, 2024All things considered, SHIB could, indeed, hit the projected price by the end of this month, provided the positive sentiment continues. However, things in this industry can sometimes change on a whim, so doing one’s own due diligence, keeping up with any Shiba Inu news and trends is critical.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
