Throughout June 2024, the entire cryptocurrency market was in the red. The hardest hit is the Shiba Inu [SHIB]down 33%. Over the past 30 days, the asset’s price has fluctuated from a high of $0.0000272 to a low of $0.0000165. SHIB has increased by 1.29% over the past 24 hours to $0.00001735 at the time of writing.
The market connects this decline with previous years as it tries to determine what caused it. In addition to falling more than 33% last month, SHIB also saw losses of 4.75%, 12% and 11.5% at the end of June 2021, 2022 and 2023.
Based on historical statistics, June has been a bad month for the SHIB market. However, as the month is coming to an end and the next two days are crucial, speculators are placing big bets on July 2024.
Since its creation in August 2020, Shiba Inu has had a rough three months. The meme coin saw a double-digit loss of 28.25% in July 2021. The price of SHIB, which had increased by more than 400% in the previous three months, corrected before falling.
Shiba Inu saw positive results in July 2022 and 2023, increasing by 13.4% and 11.8% respectively. The token’s return rate was calculated by CryptoRank as 11.8% based on Shiba Inu’s performance in the previous three Julys. While SHIB’s performance in June is historic, its average return of 11.8% in July does not guarantee a price increase the following month.
According to Shibarium scan over the past few days, Shibarium has seen a staggering 84% drop in transaction costs. Transaction costs were 79 BONE on June 22 but dropped to just 12 BONE on June 27, a drop of 84%.
