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Shiba Inu (SHIB) had a good showing in the month of May, despite the broader market uncertainty. The digital currency recorded 13.2% growth in May, according to data from Cryptorank. This performance is a major lift-off from the 15.4% slump it recorded in May 2023 as it effectively broke free from that bearish trend.
Vladislav SopovThis month holds an even bigger stake for Shiba Inu. Since its inception, the digital currency has never recorded a positive close for June. In June 2021, the token recorded a 4.75% slump, setting the historic record for a 12% slump in June 2022. Last year, Shiba Inu also ended the month down by 11.5%, creating an avenue for SHIB to make a difference this month.
The market dynamics this year are quite different from any in the past three years. Now, there are spot Bitcoin ETF products trading on U.S. stock exchanges. While this does not impact Shiba Inu directly, it bolsters the general institutional liquidity that can drive BTC prices up. As a token with a high correlation with Bitcoin, Shiba Inu is also poised to benefit from this rally.
As per the internal Shiba Inu updates, the digital currency has recorded a major evolution that can contribute to its bid to breach major records this month. Unlike last year, Shibarium is fully operational with a growing total value locked (TVL) and functional decentralized applications (dApps) that are helping to drive the demand surge for SHIB.
Godfrey BenjaminShiba Inu is also well positioned to make history this month considering its current momentum over the past few weeks. Though it has been in and out of the top 10 list of coins by market cap, displacing Cardano and Avalanche recently, SHIB has shown that it can ride a steady momentum to clear outstanding losses.
While it remains too early to tell, Shiba Inu might pull a similar May growth stunt to breach the historic June losing streak.
Valeria Blokhina
Dan Burgin
Vladislav Sopov
U.Today Editorial Team