The entire cryptocurrency market has been in a bearish trend in June 2024. The most affected asset is Shiba Inu [SHIB], which has dropped by 33%. In the past 30 days, the price of this asset has fluctuated from a high of $0.0000272 to a low of $0.0000165. At the time of writing this article, SHIB has risen by 1.29% in the past 24 hours, reaching $0.00001735. The market is trying to determine the reasons behind this decline, linking it to previous years. Apart from the more than 33% drop last month, SHIB also experienced decreases of 4.75%, 12%, and 11.5% by the end of June in 2021, 2022, and 2023, respectively.
Based on historical statistics, June has been a bad month for the SHIB market. However, as this month is coming to an end, the next two days are crucial, and speculators are placing big bets on July 2024. Since its creation in August 2020, Shiba Inu has experienced three Julys. The meme coin saw a double-digit loss of 28.25% in July 2021. The price of SHIB had risen by over 400% in the previous three months before the drop occurred.
In July 2022 and July 2023, Shiba Inu achieved positive results, with growth rates of 13.4% and 11.8% respectively. Based on Shiba Inu’s performance in the first three Julys, CryptoRank calculated a profitability rate of 11.8% for the token. Although SHIB had a historic performance in June, the median of its 11.8% profit in July does not guarantee a price increase in the next month.
Please also read: Fact Check: Does Binance Make Shiba Inu Happy?
Shibarium Records Major Decline
According to Shibariumscan, the transaction cost of Shibarium has dropped by an incredible 84% in the past few days. On June 22, the transaction cost was 79 pounds, but it had decreased to 12 pounds by June 27, representing an 84% decline.
Please also read: Shiba Inu Burn Soars 101%: Is the Price of SHIB $0.01?
