Shiba Inu (SHIB) has experienced a significant surge in 2024, climbing over 140% year-to-date. This positive performance follows a two-year losing streak, with SHIB recording monthly gains in three out of the five months in 2024. Notably, March witnessed a significant surge of 145.2%, and May ended with a 13.2% gain, snapping the previous negative trend.
However, June presents a unique challenge for SHIB. Cryptorank shows that historically, June has not been kind to the meme coin. Since its launch in August 2020, SHIB has consistently closed June in the red.
SHIB’s price dropped by 4.75% in June 2021, followed by a steeper drop of 12% in June 2022 and another 11.5% decrease in June 2023. This year offers Shiba Inu another chance to reverse this historical trend.
Will Shiba Inu (SHIB) Rise This Month?
Although the meme coin has dropped by 3.09%, multiple factors could help create the positive atmosphere SHIB needs to climb. Firstly, the broader cryptocurrency market is currently experiencing bullish momentum.
The recent approval of Ethereum spot-based exchange-traded funds (ETFs) for U.S. institutional investors is a significant development. While this may not directly impact SHIB’s price, it has the potential to trigger a surge in investment across the cryptocurrency market, potentially benefiting SHIB indirectly.
Secondly, the upcoming developments within the Shibarium ecosystem could be crucial in driving SHIB’s price. Shibarium is a layer-2 blockchain specifically designed for scaling Shiba Inu transactions. One notable addition is the upcoming automated burn portal, which could significantly increase the token burns and SHIB’s price.
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The widespread adoption of Shibarium is anticipated to increase significantly soon. K9 Finance DAO, a decentralized finance (DeFi) project built on Shibarium, is gearing up to deploy the first stage of its liquid staking and derivative platform on the network before the end of June.
This deployment is expected to be followed by the beta launch of K9 Finance’s decentralized application (dApp) later in Q2 2024. Initiatives like these can contribute to a rise in demand for SHIB, potentially leading to a price increase.
Although June has been a challenging month for the meme coin, this year could be the year it finally breaks that trend. ChatGPT also recently predicted a 44.2% surge for SHIB by June 30, suggesting the meme coin could close the month with a positive price.
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