Reasons Why SHIB Could See Double-Digit Growth in July

In June 2024, the prices of several crypto assets plummeted to lower levels due to the prolonged bloodbath, and in particular, the popular doggie-themed token SHIB was not immune to this prolonged downturn. SHIB has fallen 33.2% since the beginning of the month and is trading at $0.00001725.

Looking at SHIB’s performance in June, it is clear that the sixth month of the year is never good for SHIB. In addition to SHIB’s plunge of more than 33% this month, the token also saw losses in June 2021, 2022, and 2023, with losses of 4.75%, 12%, and 11.5%, respectively.

Expectations for July

With June coming to an end in the next two days, investors are considering the impact of July on SHIB. Therefore, we have taken a look at SHIB’s historical performance in July.

SHIB has witnessed three Julys since its inception in August 2020. In July 2021, the dog-themed coin recorded a double-digit loss of 28.25%. The decline came after a correction in SHIB’s price, which surged by more than 400% in the previous three months.

However, SHIB ended July 2022 and July 2023 in the green, surging by 13.4% and 11.8%, respectively. Considering SHIB’s performance over the past three July months, the token’s median profitability is set at 11.8%. Despite SHIB’s historical repetition in June, the token’s median profitability of 11.8% in July does not guarantee a surge in price next month.

Due to the speculative nature of cryptocurrencies, accurately predicting the price action of any asset, including SHIB, is a challenge. Therefore, caution must be exercised when investing in SHIB.

SHIB Team Is Optimistic About SHIB’s Future

Meanwhile, the SHIB ecosystem team remains confident in the potential for SHIB’s bright future. SHIB’s marketing executive hinted that developments happening behind the scenes could have a significant impact on SHIB’s future price action.