According to U.Today, Shiba Inu (SHIB) has experienced more than two years of growth in the past quarter, driven by Bitcoin's surge to a new all-time high. However, the month of April and the second quarter in general hold a different, almost bearish prospect for the cryptocurrency. Data from Cryptorank reveals that April has negative trends despite average gains for the month being 8.93%. In 2021, Shiba Inu's April trend saw a massive 69.4% surge, but April 2022 reversed the trend with a 22% overall price slip. April 2023 also witnessed a SHIB price drop of 6.41%, with a current slump of 5.53% to $0.0000293.
When examining Shiba Inu's performance on a quarterly basis, it becomes clear that the second quarter (Q2) is the least performing for the digital currency overall. The second quarter of 2021 saw SHIB close with a massive 628.9% growth, but Q2 of 2022 and 2023 experienced reverse growth as the meme coin plunged 60.2% and 30.2%, respectively, according to Cryptorank data.
Despite historical trends, several indicators suggest a potential difference in this new quarter. Shiba Inu's ecosystem has evolved, with numerous growth catalysts that can rebalance the bull-bear fight. One of these catalysts is the burn rate, which has remained consistent in helping to crunch the supply of the digital currency. In March, a total of 15.6 billion SHIB was burned, with a burn rate that soared 2,330%. This burn rate is supported by the growing adoption of Shibarium, Shiba Inu's layer-2 scaling solution. Notably, Shibarium has continued to reach significant milestones that have ultimately contributed to the growth of the underlying Shiba Inu ecosystem.