June wasn’t kind to SHIB, with its price experiencing its worst beating since May 2022. By month’s end, SHIB was down over 33%, settling at $0.000017, leaving many wondering: is this the end of the Shiba Inu rally, or a fire sale for future gains?
Despite this steep decline, top crypto trader Daink is predicting an imminent rally for Shiba Inu, projecting a return to its 2021 high above $0.000088.
Read on to discover what July might hold.
In a recent tweet, renowned crypto trader Daink sparked excitement within the Shiba Inu (SHIB) community by announcing the purchase of a long-term SHIB bag. Daink, known for his accurate market predictions, is projecting an imminent rally that could see SHIB revisit its 2021 high above $0.000088.
This analysis follows an ongoing market downturn, with Shiba Inu being one of the hardest-hit cryptocurrencies. With June nearly over, SHIB has dropped 32.87% this month, marking its worst performance since the Terra collapse in May 2022.
Crypto trader Daink views this as a strategic opportunity to buy SHIB at a lower price before the anticipated rally. He notes that a similar drop in volatility occurred in February, right before a previous SHIB surge. Confident in a repeat scenario, Daink has secured a long-term Shiba Inu position.
Historical Trends
Conversely, data from CryptoRank suggests that Shiba Inu’s price could increase by 11% in July. Historically, SHIB has experienced positive movement in July, with price increases of 11.8% in 2023 and 13.4% in 2022.
June has historically been an unfavorable month for Shiba Inu, and 2024 is no exception. Despite this, Shiba Inu’s price hovers at $0.0000171, reflecting a slight drop in the last 24 hours.
With a market cap of $10 billion, Shiba Inu is currently the second-largest meme coin, trailing behind Dogecoin, which boasts a market cap of $17 billion.
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As Shiba Inu closes a difficult month, the community remains hopeful for a turnaround. With Daink’s optimistic predictions and historical trends suggesting a potential rally, SHIB holders eagerly await what July may bring.
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