As June draws towards the middle, current data suggests the Shiba Inu (SHIB) memecoin might repeat troubling trends in its history. Notably, SHIB is currently seeing a notable drop in its price, driven by a decline in the broader crypto market.
Will Shiba Inu Repeat Dwindling June Trends?
The month of June hasn’t been one favorable to SHIB and its community within the past 3 years. Data from the crypto analytical platform Cryptorank shows a bearish price pattern for SHIB in June 2021, 2022, and 2023. This trend has prompted questions on whether SHIB will follow history this year.
As of this writing, SHIB’s price decreased by 15% within the past week to trade at $0.0000215. Over the past 24 hours, the market capitalization decreased by 4.4% to $12.6 billion, while trading volume decreased by 35.4% to $583 million. The decreased volume suggests a slump in selling pressure among investors.
The price of SHIB could follow a similar downward pattern for June if investors’ sentiment remains the same for the rest of the month. On the flip side, the reduced trading volume could mean more investors are exiting bad positions in the tokens, hoping for the market to recuperate. If this is the case, SHIB’s price could rise higher when investors begin to accumulate the token.
SHIB’s 2024 Rollercoaster Ride
This year has been a rollercoaster ride for Shiba Inu. In the first quarter of 2024, the price of SHIB increased by an outstanding 199.4%.
This was, however, short-lived when the price decreased by 30.6% in the second quarter. As we embark on the third quarter, only time will tell if SHIB will be able to overcome crucial resistance levels so it can move higher.
Despite the recent drop in SHIB’s price, the Thailand arm of the Binance crypto exchange recently announced the listing of the memecoin. With this listing, the Shiba Inu ecosystem hopes to see more adoption for its token in the future.
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