CoinDesk reports:
The Shiba Inu (SHIB) network has seen significant growth over the past year. June 2024 has been a challenging month for meme coins. During this period, it has dropped by nearly 30%. Last week, the entire market experienced a steep decline, with SHIB plummeting by almost 6%. However, as of the time of writing, the meme coin is making a recovery, with the asset priced at $0.00001771 after a 3.34% surge in 24 hours.
It looks like Shiba Inu is set to end June on a high note. Changelly predicts that the meme coin will see double-digit growth in the coming days. Later this week, SHIB may even break the $0.00003 mark. On July 1st, the trading price of SHIB is expected to reach a high of $0.00003388, representing a 91.63% increase from current levels.
Is July a positive month for Shiba Inu?
According to Crypto Rank’s data, June has historically been a bearish month for the entire market. Even Shiba Inu has not been immune. In light of this, July is shaping up to be a fairly positive month for the meme coin. Over the past two years, SHIB has shown an upward trend. In 2023, the asset grew by over 11% and in 2022, SHIB saw a 13% increase in July. Therefore, the market expects SHIB to trend upwards in the coming month.
In addition to market sentiment, the burning of SHIB tokens will play a crucial role in its price increase. Recently, the burning rate of the meme coin has surged by over 6000%. A similar level of burning could drive the asset’s price even more than the aforementioned predictions. Currently, the burning rate stands at 101%. The development of the Shiba Inu network can also be a major catalyst.
Also read: Shiba Inu: AI predicts the price of SHIB on June 30th
