Shiba Inu Network [SHIB] has seen massive growth over the past year. June 2024 was a challenging month for the meme community. It has dropped nearly 30% during this time. Last week, the whole market recorded a large decline.
SHIB plunged nearly 6%. However, at the time of writing, the meme coin is undergoing a recovery as the asset is priced at $0.00001771 following a 3.34% increase in 24 hours.
Looks like Shiba Inu will end June with a bang. Changelly forecast that the meme coin will see double-digit gains in the coming days. This weekend, SHIB could even surpass $0.00003. On July 1, SHIB is expected to trade at a high of $0.00003388, following a 91.63% increase from current levels.
Is July a positive month for Shiba Inu?
According to Crypto Rank, June has historically been a bearish month for the entire market. Even Shiba Inu has not been spared. For this reason, July has been a fairly positive month for meme coins. Over the past two years, SHIB has been on an upward trajectory.
In 2023, the asset increased by more than 11% and in 2022, SHIB witnessed a 13% increase in July. Therefore, the market expects an upward trajectory for SHIB in the coming month.
Apart from market sentiment, the burns carried out in the SHIB market will play a major role in driving its price. Recently, the meme coin’s burn rate has increased by more than 6,000%.
Similar burn rates could drive the asset’s price even further than predicted above. Currently, the burn rate is at 101%. Developments in the Shiba Inu network could also act as a major catalyst.
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