Will July 2024 Be Bearish or Bullish for Shiba Inu [SHIB]?

Throughout June 2024, the cryptocurrency market as a whole was in the red. The most severely affected was Shiba Inu [SHIB], which fell by 33%. Over the past 30 days, the asset’s price ranged from a high of $0.0000272 to a low of $0.0000165. SHIB was up 1.29% over the last 24 hours to $0.00001735 at the time of writing. The market connected this decline to prior years as it tried to determine what caused it. In addition to falling more than 33% last month, SHIB saw losses of 4.75%, 12%, and 11.5% by the end of June 2021, 2022, and 2023.

Based on historical statistics, June was a bad month for the SHIB market. However, since the month is almost over and the next two days are crucial, speculators are placing large bets on July 2024. Since it was created in August 2020, the Shiba Inu has experienced three Julys. The meme coin saw a double-digit loss in July 2021 of 28.25%. The price of SHIB, which had increased by more than 400% in the preceding three months, had corrected prior to the decline.

Shiba Inu saw positive July 2022 and 2023 results, rising 13.4% and 11.8%, respectively. The token’s profitability rate was calculated at 11.8% by CryptoRank based on Shiba Inu’s performance during the previous three Julys. Despite the fact that SHIB’s June performance was historical, its 11.8% median profitability in July does not ensure a price increase the following month.

Also Read: Fact Check: Did Binance Delist Shiba Inu?

Shibarium Records Major Downtrend

According to Shibariumscan, over the last few days, Shibarium has seen an incredible 84% drop in transaction costs. The transaction costs were 79 BONE on June 22 but had decreased to just 12 BONE by June 27, an 84% reduction.

Also Read: Shiba Inu Burns Surge 101%: $0.01 Price Incoming For SHIB?