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Shiba Inu printed more than two-year growth in only the past quarter, a bullish trend born out of the eclectic surge of Bitcoin (BTC) to a new all-time high (ATH). Despite historic traction, the month of April and this second quarter, in general, hold a different, almost-bearish prospect, overall. Data from Cryptorank shows April comes with negative trends despite average gains for the month coming in at 8.93%.
Tomiwabold OlajideThe Shiba Inu April trend comes with a massive 69.4% surge in 2021. April 2022 reversed the trend as the price slipped 22% overall. April 2023 also saw the SHIB price plunge by 6.41%, a trend that has started thus far with a current slump of 5.53% to $0.0000293.
When zoomed out to view the performance of Shiba Inu on a quarterly basis, it becomes obvious that the second quarter (Q2) is the least performing for the digital currency overall. The second quarter of 2021 saw SHIB close at a massive 628.9%, growth that has proven to be a one-off event.
Q2 of 2022 and 2023 saw reverse growth as the meme coin plunged 60.2% and 30.2%, respectively, per data from Cryptorank.
SHIB bulls and bears to hash it out
Despite historical trends, many indicators point to a potential difference in this new quarter. Shiba Inu as an ecosystem has evolved, with numerous growth catalysts that can rebalance the bull-bear fight.
Mushumir ButtOne of these catalysts is the burn rate, a trend that has remained consistent in helping to crunch the supply of the digital currency. Per the earlier report, a total of 15.6 billion SHIB was scored in March, with a burn rate that soared 2,330%.
This burn rate is complemented by the growing embrace of Shibarium, Shiba Inu's layer-2 scaling solution. Notably, Shibarium has continued to hit significant milestones that have ultimately contributed to the growth of the underlying Shiba Inu ecosystem.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya