CryptoJade reports:
Throughout June 2024, the entire cryptocurrency market has been in a state of loss. The most affected was Shiba Inu (SHIB), which fell by 33%. Over the past 30 days, the price of this asset ranged from a high of $0.0000272 to a low of $0.0000165. As of the time of writing, SHIB has risen 1.29% in the past 24 hours to $0.00001735. The market is linking this drop to previous years, trying to determine the cause. Besides the over 33% decline last month, SHIB experienced declines of 4.75%, 12%, and 11.5% at the end of June in 2021, 2022, and 2023, respectively.
According to historical statistics, June has been a bad month for the SHIB market. However, with this month 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. This meme coin saw a double-digit decline in July 2021, dropping by 28.25%. SHIB’s price had risen by over 400% in the three months prior, correcting before the decline.
Shiba Inu performed well in July 2022 and 2023, with increases of 13.4% and 11.8%, respectively. CryptoRank calculates the token’s profitability rate at 11.8% based on Shiba Inu’s performance in the past three Julys. Despite SHIB’s record high performance in June, its median profitability rate of 11.8% in July does not ensure a price increase next month.
Shibarium records a significant downtrend
According to Shibariumscan data, Shibarium’s transaction costs have dropped by an incredible 84% in the past few days. On June 22, the transaction cost was 79 BONE, but by June 27, it had fallen to just 12 BONE, an 84% decrease
