Shiba Inu concluded the last month on a positive note as it has just posted another positive monthly return for the second time this year.
After seeing frequent price rallies in the past week, Shiba Inu has delivered the strongest performance seen this year in April, posting a decent gain of 4.74%, according to data from CryptoRank.
Shiba Inu extends positive momentum into April
This comes after the leading meme token eventually broke the long 7-month streak of steady declines in March. The asset continued to see persisting monthly losses ranging from -1.58% to -17.6% between August 2023 and February 2024.
However, it eventually recovered in March when it posted a decent gain of 2.72%. This positive momentum has extended to April as the 4.74% gain seen this month marks the highest return achieved so far in 2024.
What to expect in May?
Just a few hours into the new month, Shiba Inu is already projecting a 2.41% gain for the month, and it is trading at $0.000006364 as of writing time, sparking optimism about what to expect from SHIB during the new month.
With performances seen in the past week, it appears that the prolonged market volatility has eventually faded, and momentum is building again.
As market sentiments begin to see a significant shift, there are speculations about a potential bull run which could trigger a major price breakout for Shiba Inu.
Nonetheless, the meme token is already in the spotlight following its integration with SBI VC Trade's lending expansion in Japan as of the beginning of the month.
While the event aims to further boost Shiba Inu's use cases and adoption, it positions the asset for bigger performances this month, which could see it remove a zero before the month wraps up.
Dan Burgin
U.Today Editorial Team
