According to U.Today, Shiba Inu (SHIB), a well-known meme cryptocurrency, concluded the first month of summer with its poorest performance since May 2022. By the end of June, the price of SHIB had dropped by over 33%, hitting a value of $0.000017. As the month draws to a close, it's time to examine the price history to predict what July might hold for Shiba Inu.
There is indeed a reason for optimism in the SHIB community in July. Data from CryptoRank indicates that the median profitability of the Shiba Inu token in the second month of summer is 11.8%. In fact, the last few Julys have been positive for SHIB, with the price increasing by 11.8% in 2023 and 13.4% in 2022. However, 2021, the year the meme cryptocurrency was launched, was quite painful, with the price dropping nearly 30%. This drop followed nearly five times the growth in the previous three months, so the correction was not the worst.
By comparison, June has never been a positive month for Shiba Inu, and history has repeated itself in 2024. Does this mean that SHIB is guaranteed to rise next month? No. Is price history a good benchmark? Yes. While nothing is certain in the cryptocurrency market, historical trends for the SHIB price can still provide some insight into what to expect, and they should not be ignored.
