Shiba Inu (SHIB) is on the verge of setting a new record this month as many are fixated on whether it will repeat its bad history or not. For a start, Shiba Inu is in a huge recovery mode with data from CoinMarketCap pegging its growth rate at 2.51%, with the price now topping $0.00001727.
History to watch
Shiba Inu entered this month with massive optimism from the downtrend it recorded in June. The meme coin finished last month with a 32.3% slump in line with its historically bearish month of June. The altcoin was supposed to revert this trend in July considering the milder growth record attributed to the month.
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However, the market twists and turns for the month helped drag down the digital currency for the better part of the month. As it stands, the extreme volatility in the price of SHIB at the moment has seen it record a 2% surge thus far this month, per data from Cryptorank.
Should this growth trend continue, the price of the digital currency might follow after the records in July 2022 and 2023, where SHIB ended at 13.4% and 11.8%, respectively. Ending this month with an uptick will help enhance the average growth rate of July.
Shiba Inu catalysts to watch
When it comes to the meme coin and the broader meme coin ecosystem, Shiba Inu recorded a very intense uptick in hype, stemming from the public showing of Shytoshi Kusama. While this media show-off does not impact the chain directly, it solidifies the community strength of the Shiba Inu ecosystem.
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This is a positive one that might have an underlying impact on the broader SHIB ecosystem as more users might embrace the protocol, including the many products and services that are making their way to the chain. One of these is the Shiba Eternity game that might go live anytime from now.
