Shiba Inu (SHIB), the popular meme cryptocurrency, has exhibited impressive performance in 2024, surpassing major benchmarks like the S&P 500 and Nasdaq Composite. As of April 21, SHIB surged by 64%, far outpacing the S&P 500’s 15% rise and Nasdaq’s 18% gain.
Despite this strong showing earlier in the year, SHIB faced a notable setback in June 2024, experiencing a steep 33% decline, closing the month at $0.000017, its poorest performance since May 2022.
Looking ahead to July, historical data from CryptoRank suggests potential optimism for SHIB’s performance, historically averaging a gain of 11.8% during this month in recent years. Notable exceptions include a nearly 30% decline in 2021, following a period of substantial growth.
Currently, SHIB has seen a slight downturn, dropping 1% in the past day and 5% over the past week, trading at $0.00001707.
Market analyst and trader Daink has shared insights indicating a potential rally for SHIB, projecting a return to its peak of over $0.000088 from 2021. Despite recent declines amidst broader market pressures, Daink’s analysis suggests SHIB could be on the verge of a significant rebound.
The broader cryptocurrency market downturn has particularly affected SHIB, exacerbated by selling pressure on Bitcoin, the leading cryptocurrency. Bitcoin has shown resilience with a 10% decline this month, contrasting SHIB’s more pronounced drop due to its higher volatility. This volatility, while contributing to sharper declines, could also serve as an advantage during upward trends.
Data from Santiment highlights SHIB’s weekly volatility at 0.025, compared to Bitcoin’s 0.021. Historically, periods of reduced volatility for SHIB have preceded price rallies, echoing patterns observed before previous uptrends.
Daink’s investment strategy involves holding SHIB until it surpasses its all-time high of $0.000088, aiming for a 416% increase from the current price of $0.00001705. This strategy aligns with the sentiment of many SHIB investors, as indicated by IntoTheBlock, where 76.8% of SHIB addresses, totaling 1.03 million, have held their tokens for over a year, showcasing strong investor confidence despite recent market challenges.
The optimism surrounding SHIB extends beyond Daink, with other analysts like Javon Marks foreseeing a potential surge towards the $0.000088 mark.