Shiba Inu (SHIB) is experiencing a remarkable year in 2024, with significant gains and the potential to end its three-year losing streak. According to data from CryptoRank, SHIB has seen a year-to-date (YTD) increase of 141.5%. Out of the five months completed so far, SHIB has closed positively in three of them.
The most notable success came in March, when SHIB saw a monthly surge of 145.2%. May also ended on a positive note, with a 13.2% gain, breaking the asset’s losing streak from the previous two years.
Now, the focus is on June, as SHIB aims to end its bearish trend during this month. Since its inception in August 2020, SHIB has not experienced a positive close in June. In June 2021, SHIB saw a 4.75% price decline, followed by a 12% dip in June 2022 and an 11.5% decrease in June 2023.
However, there are reasons to be optimistic about SHIB’s performance this June. The overall bullish momentum in the crypto market could have a positive impact. Additionally, the availability of Bitcoin spot-based exchange-traded funds (ETFs) for institutional investors in the United States could lead to increased investment in the crypto market, potentially benefiting SHIB.
Furthermore, the widespread adoption of Shibarium, a derivative platform and liquid staking network, could also contribute to SHIB’s price growth. The first stage of Shibarium’s platform is set to be deployed by K9 Finance DAO before the end of this month, with plans to launch the beta version of their decentralized application in Q2 2024. These initiatives could drive demand for SHIB and have a significant impact on its price.
As of now, SHIB is trading at $0.00002504, with a daily increase of 1.37% and a weekly growth of 0.84%. However, in the first three days of June, SHIB has already experienced a 1.79% decline in price.
It’s important to note that this article is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. The Crypto Basic is not liable for any financial losses incurred.