Previous June trends don’t necessarily depict an optimistic picture for Shiba Inu ($SHIB); however, the market believes that 2024 could be different. Previous records show that SHIB has always declined in June. For example, it fell by 4.75% in 2021 and 12% in 2022. This year, the differentiating factor is in the form of the Spot Bitcoin ETF. It has revitalized short-lost interest in the crypto market by attracting institutional and retail investors. Hence, there is speculation that June 2024 will be a better month for SHIB this time.
The initial picture is rather gloomy, with the token struggling to mark an uptick in its value. At the time of writing this article, SHIB was trading hands at $0.00002381, down by 4.81% in the last 24 hours. It further reflects a decline of 4.01% over the last 7 days. This is indeed noteworthy, given that it has been four days since June 24. It does not paint the picture for an entire month, but market sentiments remain linked to previous records.
Shiba Inu is betting on internal developments. These include operations for Shibarium, TVL, and dApps.
For starters, Shibarium is now fully operational. The layer-2 blockchain was pitched to enhance scalability and transaction speeds. It has performed well in the testnet and previous phases. The community believes that it is only uphill for Shibarium from this moment. Secondly, the Total Value Locked (TVL) is consistently increasing. This signals a rise in adoption and investment in the native ecosystem.
Finally, decentralized applications, or dApps, support engagement with the L2 blockchain while also incentivizing the use of SHIB, the native token. Simultaneously, it fuels the demand for SHIB in the ecosystem.
There is a prevailing downtrend for SHIB at the moment, but it could soon correct itself to positively reflect on the three factors: Shibarium, dApps, and TVL. The 24-hour trading volume is up by 33.30%, while the market cap has taken a hit of 5.19% at press time. The market cap has slipped below $14 billion to widen the gap between Shiba Inu and Dogecoin. For reference, Dogecoin has a market cap of $22.7 billion right now. It was anticipated that Shiba Inu would attempt to dethrone the flagship meme coin from the top position and narrow the gap, if not bridge it.
Nevertheless, future predictions for Shiba Inu are bullish. In the next 5 days, the token has the potential to rise as high as $0.00003189, and in the next 30 days, it could reach $0.00008049. The monthly growth will mark a jump of more than 200%, potentially bringing the lost interest back to Shiba Inu.
Its volatility is around 4.78%, and the 14-day RSI is 46.16. Overall, sentiments are bearish because SHIB has only banked 37% of green trades in the last month. The Fear & Greed Index has given 73 points to SHIB.
Interestingly, Shiba Inu had briefly displaced Avalanche and Cardano in the list of the top 10 cryptocurrencies across the globe.
