Shiba Inu (SHIB), a top memecoin in the crypto ecosystem has become a focus for public discourse as historical data paints troubling trends for June. Meanwhile, SHIB is currently moving with an upward trajectory with a notable increase in its price today.
Shiba Inu and Bearish June Patterns
Within the last three years, the price of SHIB has consistently formed a bearish pattern. In light of this historical trend, investors and analysts look forward to seeing how the memecoin will react next month.
According to analytics from crypto analytics platform Cryptorank, SHIB saw a decrease of 4.75% in June 2021, and then 12% the same month the following year. Finally, in June 2023, the price of SHIB declined by 11.5% to form a consistently bearish pattern.
This historic trend paints a troubling picture for SHIB in June 2024. The ability of the memecoin to overcome critical resistance levels could decide if this pattern holds or not.
In a positive development, the price of SHB has experienced a bullish momentum within the last month, riding on the waves of recent recovery in the broader market. If SHIB continues on the bold step, its price could contradict the bearish trends that have been observed for the past three years in June.
SHIB’s Current Movement
As of the latest CoinMarketCap data, SHIB is trading at $0.00002717, representing a 24-hour increase of 4.4%. The market cap also increased by 4.4%, while trading volume increased by 139% to $2.4 billion.
Per earlier reports from Crypto-Vanguard, investors are eyeing a Shiba Inu break above the $0.00005 price level. One key factor that might assist SHIB in achieving this aim is the burn rate in the ecosystem.
Lately, the burn rate has generated a great deal of attention from the community with Shibburn data indicating a consistent burn rate in which millions of tokens are removed from circulation daily.
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