Shiba Inu (SHIB) history repeated itself in June as the token ended the month at a 32.3% slump. While this marked a concerning trend, there seems to be light at the end of the tunnel for this month per Cryptorank data
Shiba Inu History In Retrospect
Historically, June is known as a red month for Shiba Inu. This explains the bearish close to the month. Infact, the memecoin took the historical trend to a new level as last month marked its worst since it came into the limelight in 2020.
After June’s onslaught, July is known to be historically better. In the past, only July 2021 ended negative with a slump of 28.5%. July 2022 and 2023 saw Shiba Inu closing on bullish notes, up 13.4% and 11.8% respectively.
Technically, after every overselling, there is usually a broad-based market rebound. With the June selloff, July is expected to be better. If the token mirrors past performances, chances are that it might jump by at least 6.28% this month.
The memecoin is already off to a good start with its price changing hands for $0.00001735, up by 1.82% in 24 hours. With trading volume jumping by more than 46%, it becomes evident that bullish sentiment is rebuilding overall.
The SHIB Catalyst To Watch This Month
Shiba Inu has a thriving ecosystem that might contribute to its grand growth this month. With the community expectant new product updates from Shytoshi Kusama and the development team, the demand for SHIB is poised to grow.
The growing adoption of Shibarium, its Layer 2 scaling solution, and the deflationary metric through the burn rate are on track to set it apart. In all, Shiba Inu is on track to reclaim its highest level since January as it soared to a 6-month high of $0.00004534.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.