Throughout June 2024, the entire cryptocurrency market was in a state of loss. The most severely affected was Shiba Inu [SHIB], which fell by 33%. Over the past 30 days, the price of the asset ranged from a high of $0.0000272 to a low of $0.0000165. As of the writing of this article, SHIB has risen 1.29% in the past 24 hours to $0.00001735. The market has linked this decline to previous years, trying to determine what caused it. In addition to last month’s drop of over 33%, SHIB’s declines at the end of June in 2021, 2022, and 2023 were 4.75%, 12%, and 11.5%, respectively.
According to historical statistics, June is a bad month for the SHIB market. However, as this month is about to end, the next two days are crucial, and speculators are making large bets on July 2024. Since its creation in August 2020, Shiba Inu has experienced three Julys. This meme coin saw a double-digit decline in July 2021, with a drop of 28.25%. SHIB’s price had risen by more than 400% in the previous three months and had been corrected before the decline.
Shiba Inu performed well in July 2022 and 2023, rising 13.4% and 11.8%, respectively. CryptoRank calculated the token’s profitability rate at 11.8% based on Shiba Inu’s performance in the previous three Julys. Although SHIB’s performance in June set a new historical high, its median profit rate of 11.8% in July does not guarantee a price increase next month.
Shibarium Recorded a Significant Downtrend
According to data from Shibariumscan, in the past few days, Shibarium’s transaction cost has dropped by 84%, an incredible decrease. The transaction cost on June 22 was 79 BONE, but by June 27, it had dropped to just 12 BONE, a decrease of 84%.