The entire cryptocurrency market has been predominantly in the red throughout June 2024. Among the hardest-hit is Shiba Inu [SHIB], which has plummeted by 33%. Over the past 30 days, the asset’s price has fluctuated between a high of $0.0000272 and a low of $0.0000165. At the time of writing, SHIB has experienced a 1.29% increase in the past 24 hours, reaching $0.00001735. The market is trying to determine the reasons behind this decline, as it follows previous years’ patterns. Apart from the over 33% drop last month, SHIB also experienced declines of 4.75%, 12%, and 11.5% by the end of June 2021, 2022, and 2023, respectively.
Based on historical statistics, June has proven to be a negative month for the SHIB market. However, with this month coming to an end, the next two days are crucial, as speculators are betting big on July 2024. Since its creation in August 2020, Shiba Inu has gone through three Julys. The meme coin saw double-digit losses of 28.25% in July 2021. SHIB’s price had surged over 400% in the previous three months before the downturn occurred.
In July 2022 and July 2023, Shiba Inu recorded positive performances, 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. While the historic performance in June for SHIB was significant, the median profit of 11.8% in July does not guarantee a price increase in the next month.
Furthermore, according to Shibariumscan, the transaction costs on Shibarium have seen a major decline. In the past few days, the trading cost has decreased by 84%, which is quite remarkable. On June 22, the transaction cost was £79, but by June 27, it had dropped to £12, marking an 84% decrease.
Read also: Fact Check: Is Binance Making Shiba Inu Happy?
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