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As Shiba Inu (SHIB) celebrates its fourth anniversary, crypto market participants and community enthusiasts are keeping an eye on the popular meme cryptocurrency, waiting for a potential rally. Historically, August has been a promising month for SHIB, with an average return of 2.7% and a median return of 3.4%.
The fact that both the median and the average are positive is a rare occurrence, which tends to confirm expectations. This rarity increases the odds that SHIB could end August in the black, raising optimism for a bullish trend at the end of the summer.
Arman ShirinyanAs a meme coin, Shiba Inu was created in 2020 by the anonymous Ryoshi, inspired by the Dogecoin (DOGE) phenomenon. Over time, it has become the 13th largest crypto asset ever, with a market cap of $9.37 billion and daily trading volume of $220 million.
From an initial price of $0.000000000056, it soared to an all-time high of $0.00008616 in October 2021, representing an incredible 150,000,000% increase.
Community is key
Following this extremely rare price action, the popular meme cryptocurrency managed to bring together around 3.8 million members in its community, known as the SHIB Army.
This decentralized, community-driven ethos has driven the development of an extensive ecosystem, including ShibaSwap, Shibarium, various NFTs, a metaverse project and the Shiba Eternity game.
Gamza KhanzadaevAs SHIB looks ahead to August, the question remains: will its price history prove itself once again? Past performance, with positive historical averages, offers a glimmer of hope for those eager to see if SHIB will celebrate its birthday with a rally.
Alex Dovbnya
Arman Shirinyan