Why Shiba Inu Could Experience Impressive Gains in July
Shiba Inu’s performance in July holds the potential for a substantial surge, based on its price history. The month of June has proven to be challenging for many cryptocurrencies, as they faced a prolonged period of price collapse. Unfortunately, Shiba Inu was not exempt from this downward trend, experiencing a 33.2% dip since the beginning of the month, with a current trading value of $0.00001725.
Analyzing Shiba Inu’s past performance in June, it becomes evident that this month has historically been unfavorable for the token. In addition to the significant drop in June 2024, Shiba Inu also ended June in the red for the years 2021, 2022, and 2023, with respective losses of 4.75%, 12%, and 11.5%.
As June comes to a close, investors are naturally curious about what July may hold for Shiba Inu. To provide some insight, let’s examine the token’s historical performance in previous July months. Since its inception in August 2020, Shiba Inu has experienced three Julys. In July 2021, the token suffered a double-digit loss of 28.25%, following a significant correction in its price after a previous 400% spike in the three preceding months.
However, Shiba Inu saw positive outcomes in July 2022 and 2023, with gains of 13.4% and 11.8% respectively. Taking these three Julys into account, CryptoRank has determined the token’s median profitability to be 11.8%. It should be noted, though, that while history may repeat itself, this median profitability does not guarantee a price spike for SHIB in the upcoming month.
Due to the speculative nature of cryptocurrencies, accurately predicting price movements is challenging, including for Shiba Inu. Hence, exercising caution when investing in SHIB is crucial. Despite this, the Shiba Inu ecosystem team remains optimistic about the token’s future. Lucie, Shiba Inu’s marketing lead, suggests that behind-the-scenes developments may have a significant impact on SHIB’s future price action.
Currently, Shiba Inu has experienced a daily growth of 2.1% to reach $0.00001725. However, over the past seven days, SHIB has faced a 3.66% decline, and its monthly decline stands at 30.8%.
In conclusion, while Shiba Inu’s July performance paints an optimistic picture, investing in SHIB should be approached with caution, considering the speculative nature of cryptocurrencies.