The cryptocurrency community predicts that the price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) will increase by almost 30% by the end of the month to $0.00001084 per token, up from its current value of $0.00000816 per token.
According to forecasts published on CoinMarketCap’s web pages, the average of almost 1,200 cryptocurrency community members indicates that the price of the cryptocurrency will increase by the end of the month, with expectations becoming more moderate with time. At the end of May, the community anticipates a 7% increase above present levels.
It is essential to note that the cryptocurrency community’s forecasts may not come to pass. According to the site, the historical accuracy of the community is a little over 68%, with current data indicating that it was above 93% in September but declined to approximately 68% in December 2022.
The community’s optimism over cryptocurrency is a result of the increasing number of meme-inspired cryptocurrency holders. As reported by CryptoGlobe, the SHIBArmy has been adding 600 new wallets every day over the last several weeks, despite a bear market in the cryptocurrency industry that has lasted for almost a year.
Earlier this year, there were around 1,500 new wallets holding $SHIB. This number has decreased as the downturn in the cryptocurrency field has impacted trading volumes and retail investors’ interest in the area.
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