Shiba Inu (SHIB) might set a new record this month. In May, despite a shaky market, SHIB grew by 13.2%, a significant improvement from its 15.4% drop in May 2023. This June could be pivotal for SHIB, as the token has never had a positive June. In June 2021, SHIB fell by 4.75%, and in June 2022, it slumped by 12%. Last year, it ended June down by 11.5%, but this year might be different.
The market conditions are unique this year. Spot Bitcoin ETF products are now trading on U.S. stock exchanges, boosting overall market liquidity. This increase in liquidity can drive Bitcoin prices up, which, due to SHIB's high correlation with Bitcoin, could benefit SHIB as well.
Internally, Shiba Inu has seen significant updates that might help it break records this month. Unlike last year, Shibarium is fully operational with growing total value locked (TVL) and functional decentralized applications (dApps) driving up SHIB's demand.
With its recent momentum, Shiba Inu is in a strong position. Although it fluctuates in and out of the top 10 coins by market cap, often displacing Cardano and Avalanche, SHIB has shown it can maintain steady growth. While it's still early to predict, SHIB might replicate its May growth and break its historical June losing streak.