According to U.Today, Shiba Inu (SHIB) is on the brink of setting a new record this month, with many observers keenly watching whether it will repeat its past performance. Currently, Shiba Inu is in a significant recovery phase, with CoinMarketCap data indicating a growth rate of 2.51%, pushing its price to $0.00001727.
Shiba Inu entered this month with high optimism following a downtrend in June, where it experienced a 32.3% slump, consistent with its historically bearish performance in that month. The altcoin was expected to reverse this trend in July, given the typically milder growth associated with the month. However, market fluctuations have impacted the digital currency for most of the month. As of now, SHIB has recorded a 2% surge this month, according to Cryptorank data. If this growth continues, SHIB might follow the patterns seen in July 2022 and 2023, where it ended with gains of 13.4% and 11.8%, respectively. Concluding this month with an increase will improve the average growth rate for July.
In the broader meme coin ecosystem, Shiba Inu has seen a significant increase in hype, partly due to public appearances by Shytoshi Kusama. While these media appearances do not directly impact the blockchain, they strengthen the Shiba Inu community. This heightened community engagement could positively affect the broader SHIB ecosystem, attracting more users to the protocol and its various products and services. One such anticipated product is the Shiba Eternity game, which may launch soon.
