Despite experiencing the effects of a market downtrend, Shiba Inu is currently facing challenges. However, estimates from the community indicate that the asset has the potential to conclude June with a notable 64% increase. On May 6, Shiba Inu (SHIB) witnessed a decline of 5.41%, causing it to fall below the psychologically significant support level of $0.00001.
Since then, the asset has been unable to regain its position above this threshold. Nevertheless, community estimates from the price-tracking platform CoinMarketCap (CMC) suggest that SHIB could reach $0.00001112 by the end of June, representing a substantial 64% gain compared to its present value.
CoinMarketCap allows users to submit their projected price estimates for an asset’s future value. The platform’s algorithm collects these diverse projections and calculates the median and average price forecasts for the specified timeframe.
As of the current moment, a total of 2,099 individuals have submitted price projections for Shiba Inu’s value by June 30. The median value of these projections stands at $0.00001112, indicating an expectation for SHIB to regain strength and surpass the $0.000010 price level.
It is important to note that Shiba Inu has been consistently experiencing lower highs and lower lows since falling below the $0.000010 mark on May 6. Within a week of dropping below $0.000010, SHIB also lost the $0.000009 level on May 12. Despite remaining above $0.000008 for some time, the recent market turmoil caused by the SEC has pushed the asset below two significant support levels: $0.000008 and $0.000007.
Currently priced at $0.00000678, SHIB is significantly distant from the desired territory of $0.000010. However, the projections on CMC suggest that Shiba Inu has the potential to regain dominance over that zone once again.
Evaluating the Accuracy of Shiba Inu Projections
As mentioned earlier, these projections originate from the CoinMarketCap community and should not be considered as investment advice. However, historical data indicates a notable level of accuracy, with a success rate of 83.59% for predictions made over the past six months.
The community’s most precise Shiba Inu forecast was made for its February price, where the median projection by the CMC community was $0.00001203. Remarkably, Shiba Inu concluded February precisely at $0.00001203, demonstrating a remarkable accuracy rate of 99.98%.
However, it is important to acknowledge that subsequent forecasts have shown lower levels of accuracy. For example, the community predicted that Shiba Inu would reach $0.00001133 by the end of April. Nevertheless, the asset closed the month at $0.00001011, resulting in an accuracy rate of 88%. Furthermore, the forecast for the previous month had an accuracy rate of only 69.82%.
Despite the bearish stance of Shiba Inu, investors continue to display confidence in the project, as the community remains active in promoting various ecosystem initiatives. Recently, Shytoshi Kusama, the lead developer of Shiba Inu, introduced Shibacals, a distinctive real-world component of the ecosystem.
At present, SHIB is being traded at $0.00000678, reflecting a 2.89% increase in the last 24 hours. However, Shiba Inu has encountered a decline of 14.86% in its value over the past week and has witnessed a 22% drop in the last 30 days.