Shiba Inu (SHIB), the meme coin that took the crypto world by storm, has endured a rough June in 2024. This slump follows a historical pattern – SHIB has dipped in June for the past three years. But fear not, SHIB hodlers (holders of SHIB), July might bring better fortune.
A Look Back: June Gloom for SHIB
June seems to be a recurring obstacle for SHIB. In 2021, 2022, and 2023, the token saw price declines in June, ranging from 4.75% to 12%. This year is no exception, with SHIB currently down over 33% since June began. This slump mirrors a broader crypto market correction impacting various digital assets.
July’s Mixed Performance: A Chance for Rebound?
While June may not be SHIB’s best month, July offers a glimmer of hope. Examining SHIB’s performance since its launch in 2020, a more positive outlook emerges. July 2021 did see a decline, but that can be attributed to a correction after a significant price surge in the previous months.
Here’s where it gets interesting: In July 2022 and 2023, SHIB defied the June slump and actually grew – 13.4% and 11.8% respectively. Based on this trend, CryptoRank predicts a median profitability of 11.8% for SHIB in July.
Volatility Reigns: A Word of Caution
It’s vital to remember the inherent volatility of the cryptocurrency market. Past performance is not a crystal ball. While the historical data suggests a potential rise for SHIB in July, various factors can influence its price.
Team Shiba Inu Stays Bullish
Despite the current market climate, the Shiba Inu development team remains optimistic. Marketing lead, Lucie, has hinted at ongoing developments that could positively impact SHIB’s price. Though details remain under wraps, this suggests the team is actively working to strengthen the Shiba Inu ecosystem.
SHIB’s Current Price
SHIB has seen a slight dip recently, dropping 1.9% to $0.00001718. It’s down further over the past week and month, at 3.11% and 37% respectively.
The Takeaway: Cautious Optimism
June may have been a hurdle for coin, but its historical July performance offers reason for cautious optimism. The possibility of double-digit growth shouldn’t be ignored. However, the ever-changing nature of the crypto market demands a prudent approach. Investors should stay informed on market trends and the Shiba Inu team’s efforts before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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