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August has always been a weird month for popular meme cryptocurrency Shiba Inu (SHIB) — not quite a collapse but never the breakout window holders are hoping for. Looking back, the numbers tell a bit of a mixed story: in 2021, it climbed 10.1%, and in 2022 it was up another 3.36%, per CryptoRank. But after that, the wheels started coming off.
The last two Augusts have been pretty bad, with last year down 13.3% and 2023 closing at 5.44% in the red. It is not a total disaster, but it is not exactly bullish either.
If SHIB were entering the month with real strength, this would not matter as much. It has been a tough year already. It is down over 38% YTD, stuck below key resistance, and with the recent relief bounce in July already losing steam, SHIB's setup heading into August does not exactly scream "upside."
Currently the Shiba Inu coin price is hovering just above $0.0000125, which looks less like a base and more like a slippery ledge. Another leg down and it is retesting the yearly low.
There is also no obvious story behind it right now. There is no hype about the SHIB ecosystem, no celebrity tweets, and even whale flows have been flat to declining. If anything, the chart shows a token drifting — not capitulating or breaking out, just trading sideways with a slight downward tilt.
The only story with Shiba Inu right now is probably it being the biggest meme coin on Ethereum, and ETH has been doing quite well recently.
So, what's conclusion?
August does not have to be brutal. It is not like it is statistically cursed or anything; it is just not that impressive. But if you are trying to catch people's attention, "unimpressive" might not be the best word.
If we do not see a catalyst or a structural breakout early in the month, it is likely to be another quiet grind or a slow fade. SHIB has done this before, but unless something changes, August is going to be a month of waiting, not winning.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team