The famous dog-themed meme coin Shiba Inu [SHIB] has been widely promoted as the “Dogecoin killer”. The asset has successfully proven its capabilities time and again. As the market pushes towards June 2024, the community expects the price of Shiba Inu to rise significantly. This will certainly follow up on the 13% growth in May. This positive result is particularly striking when compared to the same period last year. During this period, SHIB fell 15.4% during the overall market downturn.
As of early June 2024, the price of Shiba Inu is around $0.0000232. This indicates that the token has seen a small increase of 0.68% over the past 24 hours. Nonetheless, the token has also experienced declines during other key time periods. For example, the meme token has fallen by 7% over the past week and 0.82% over the past month. This certainly reveals a mixed picture for the SHIB market.
What’s in store for SHIB this June?
From the above data, it is certain that June is off to a bad start for Shiba Inu. However, the trend for the rest of the month could be optimistic. Analysts predict that SHIB could see a sharp rise in mid-June. According to Changelly, the meme token could rise by 30% from its current levels to $0.00003232.
A range of factors come into play if SHIB is to climb the charts. This includes market trends, technological developments, investor sentiment, market liquidity, trading volume, and the regulatory environment. Additionally, since Shiba Inu is a community-driven network, overall community support is also important for the asset’s upside. Whether the coin will reach or exceed its target of $0.00003232 remains to be seen; the potential for a rally is certainly there.
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