The growing popularity of both the Shiba Inu and Bitcoin ETFs could help Shiba Inu (SHIB) achieve a positive close in June 2024, ending a three-year losing streak.
The incredible performance of Shiba Inu in 2024
2024 has been a good year for Shiba Inu (SHIB). According to CryptoRank, the stock has surged 141.5% year-to-date (YTD). Shiba Inu has recorded positive closes in three of the five months ending this year.
The asset’s biggest success was recorded in March, when it surged 145.2% in a single month. Interestingly, Shiba Inu also closed May up 13.2%, ending the asset’s two-year losing streak.
Another chance to end the June bear trend
Currently, the Shiba Inu faces a tougher task of ending its bearish trend in June. Since its inception in August 2020, the Shiba Inu has yet to end June with a positive close.
Data from CryptoRank shows that Shiba Inu closed with a 4.75% price drop in June 2021. The dog-themed token also fell by 12% in June 2022 and fell again by 11.5% the following year, in June 2023.
Now, the Shiba Inu has another golden opportunity to end the bearish trend that has been with it since June.
Why Shiba Inu ended its losing streak in June
The Shiba Inu may not close out the month as it has done in the past three years due to the bullish momentum across the crypto market. Institutional investors residing in the United States now have shares close to trading an exchange-traded fund (ETF) based on Bitcoin spot.
While this development will not directly impact Shiba Inu’s price in relation to Bitcoin’s movements, there is the potential for SHIB to see significant gains due to increased investment in the ETF product.
Other factors, such as the widespread adoption of Shibarium, may also play a key role in driving SHIB prices. With K9 Financial DAO preparing to deploy the first phase of its liquid equity and derivatives platform on the network by the end of this month, the adoption of Shibararium is expected to surge soon.
As mentioned earlier, the K9 Finance team plans to launch a beta version of its decentralized application by the end of Q2 2024. This month marks the end of Q2 2024, so beta testing of K9Finance’s liquid investment dApp will likely begin before the end of this month.
For example, the upcoming beta test of K9 financial dApp on Shibararium may promote
SHIB demand and may affect asset prices.
Shiba Inu rose to $0.0001 in June this year?
In the latest report of "X", SHIB KNIGHT boldly asserted that Shiba Inu is expected to reach $0.0001 this month. The community analyst believes that if Shiba Inu finally breaks out of its two-month downward trend, $0.0001 will be the next threshold for the asset.
The analyst's confidence in his target comes from the accuracy of some of his past forecasts for SHIB, which came true.
For example, on February 22, Shiba Inu was trading at $0.0000097. SHIB KNIGHT predicts that based on the formation of a symmetrical triangle on the Shiba Inu Index chart, the asset will rise by 52% to a 12-month high of $0.000014.
In a subsequent update, the analyst listed $0.000022 as a more promising target to focus on. Notably, this prediction came true within a few days. Since Shiba Inu reached $0.000014 in late February, it has not returned to this level, even after a drastic price correction.
Now, SHIB KNIGHT believes that SHIB has the potential to reach $0.0001 this June. It is worth noting that reaching $0.0001 will set a new record for the meme coin, as SHIB’s all-time high price (ATH) is $0.00008845.
To reach $0.0001, Shiba Inu would need to rise 300%. Considering that SHIB surged 373% in less than 10 days from late February to early March, this percentage increase is not too terrible for it.
Other market watchers agree
Furthermore, the $0.0001 target is not an isolated prospect. Other analysts have predicted similarly optimistic futures for Shiba Inu. A potential “second leg” rally recently hinted at by Yuni Wang could take SHIB to $0.000125.
Similarly, analyst Javin Marks suggested that a rally to $0.000081 could pave the way for a move to $0.0001553.
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