The trajectory of Shiba Inu’s value in July might hint at an upcoming bullish wave, potentially propelling SHIB to achieve substantial double-digit gains.
The crypto market faced a tumultuous period in June 2024, with numerous digital currencies experiencing a significant downturn, marking a continuation of the prevailing bearish trend.
**SHIB’s June Journey: A Reflection of the Past**
The widely recognized canine-inspired cryptocurrency, Shiba Inu, was not immune to the market’s hardships. SHIB’s value plummeted by 33.2% since the onset of June, currently priced at $0.00001725.
Historically, June has consistently been a challenging month for Shiba Inu. The token’s value declined by more than 33% this month, and it similarly concluded the Junes of 2021, 2022, and 2023 in the negative territory, with respective losses of 4.75%, 12%, and 11.5%.
**Anticipating July’s Market Movements**
As June draws to a close, investors are keenly anticipating what July might unveil for SHIB. To provide some perspective, we’ve examined Shiba Inu’s historical performance during the month of July.
Since its launch in August 2020, Shiba Inu has encountered three Julys. In its first July (2021), the token suffered a significant loss of 28.25%, following a price correction after a staggering 400% surge in the preceding three months.
In contrast, the subsequent Julys of 2022 and 2023 painted a more optimistic picture, with SHIB appreciating by 13.4% and 11.8%, respectively. Reflecting on these past Julys, CryptoRank has determined the token’s median profitability to be 11.8%. Despite the recurring pattern in June, this median figure does not assure a similar uptick in July.
**Investing with Caution**
The speculative essence of cryptocurrencies makes it a complex task to forecast the precise price movements of any digital asset, SHIB included. Investors are advised to proceed with caution.
**Shiba Inu’s Team Remains Hopeful**
Amidst the market’s fluctuations, the Shiba Inu ecosystem’s team maintains a positive outlook on SHIB’s long-term prospects. Lucie, the marketing lead for Shiba Inu, has alluded to ongoing developments that could significantly influence the token’s future valuation.
At present, Shiba Inu has experienced a daily increase of 2.1%, reaching $0.00001725. However, it has seen a 3.66% decline over the past week and a monthly drop of 30.8%.
**SHIBUSDT Chart – June 28, 2024, 08:41:20**
**Disclaimer:** The information presented here is for educational purposes and should not be construed as financial advice. The opinions expressed are solely those of the author and do not represent the views of The Crypto Basic. Readers should conduct comprehensive research prior to making any investment decisions. The Crypto Basic assumes no liability for any financial losses incurred.
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