Reasons why SHIB could see double-digit gains in July
Expectations for July
With June ending in the next two days, investors are considering the impact of July on SHIB. Therefore, we have taken a look at SHIB's historical performance in July.
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SHIB has witnessed three Julys since its inception in August 2020. In July 2021, the dog-themed coin recorded a double-digit loss of 28.25%. The decline came after a correction in SHIB's price, which surged by more than 400% in the previous three months.
However, SHIB ended July 2022 and July 2023 in the green, surging by 13.4% and 11.8%, respectively. Considering SHIB's performance in the past three Julys, the median profitability of the token is set at 11.8%. Despite the historical repetition of SHIB in June, the token's median profitability of 11.8% in July does not guarantee a surge in price next month.
Due to the speculative nature of cryptocurrencies, it is challenging to accurately predict the price movement of any asset, including SHIB. Therefore, caution must be exercised when investing in SHIB.