Here’s Why Shiba Inu Could Witness Double-Digit Gain in July

Shiba Inu’s price history in July could serve as a bullish signal for SHIB’s potential surge to a double-digit gain.    

June 2024 has been challenging for several crypto assets as their prices collapsed to lower levels due to a prolonged bloodbath. 

SHIB’s History Repeats Itself in June 

In particular, popular dog-themed token Shiba Inu was not spared in this lengthy downturn. SHIB has dipped 33.2% since the beginning of this month, as it trades at $0.00001725. 

Looking at SHIB’s performance in June, it is evident that the sixth month of the year has never been good for Shiba Inu. Besides SHIB plunging over 33% this month, the token also ended June 2021, 2022, 2023 in red, with losses of 4.75%, 12%, and 11.5%, respectively.  

What to Expect in July 

With June coming to an end in the next two days, investors are considering what July holds for SHIB. Consequently, we have provided an outlook on Shiba Inu’s historical performance in July. 

Shiba Inu has witnessed three Julys since its inception in August 2020. In July 2021, the dog-themed recorded a double-digit loss to the tune of 28.25%. The dip came following the correction in SHIB’s price, which spiked over 400% in the previous three months.  

However, Shiba Inu ended July 2022 and 2023 in green, surging 13.4% and 11.8%, respectively. Given Shiba Inu’s performance in the past three Julys, CryptoRank set the token’s median profitability at 11.8%. Although history repeated itself for SHIB in June, the token’s 11.8% median profitability in July does not guarantee a price spike by next month. 

Due to cryptos’ speculative nature, it is challenging to accurately predict the price actions of any asset, including SHIB. Hence, it is imperative to exercise caution while investing in SHIB. 

Shiba Inu Team Optimistic About SHIB’s Future 

In the meantime, the Shiba Inu ecosystem team has remained confident in SHIB’s potential for a bright future. Lucie, Shiba Inu’s marketing lead, hinted that the developments happening behind the scenes could significantly impact SHIB’s future price action. 

Meanwhile, Shiba Inu has recorded a daily growth of 2.1% to $0.00001725. Conversely, SHIB is down 3.66% in the past seven days, with a monthly decline of 30.8%.