The growing adoption of Shibarium and Bitcoin ETFs could help Shiba Inu (SHIB) to register a positive close in June 2024, ending the three-year losing streak.
Shiba Inu’s Incredible Performance in 2024
2024 has been a good year for Shiba Inu (SHIB). According to data from CryptoRank, the price of Shiba Inu has soared 141.5% year-to-date (YTD). Shiba Inu recorded a positive close in three of the five months completed this year.
The asset’s most significant success was recorded in March when it witnessed a monthly surge of 145.2%. Interestingly, Shiba Inu also closed May with a 13.2% gain, which ended the asset’s losing streak recorded in two previous years.
Another Opportunity to End June’s Bearish Trend
At the moment, Shiba Inu is faced with a more daunting task of ending the bearish trend in June. Since its inception in August 2020, Shiba Inu has not ended the month of June with a positive close.
Data from CryptoRank shows that Shiba Inu closed June 2021 with a 4.75% price decline. The dog-themed token also saw a 12% dip in June 2022 and another 11.5% price decrease the following year, June 2023.
Now, Shiba Inu has another golden opportunity to end this bearish trend that has accompanied June since its inception.
Why Shiba Inu Could End Its Losing Streak in June
Due to the bullish momentum across the broader crypto market, Shiba Inu may not close this month as it has in the past three years. Institutional investors resident in the United States now have access to trade shares of Bitcoin spot-based exchange-traded funds (ETFs).
Although this development will not directly impact Shiba Inu’s price, which correlates with Bitcoin’s movements, there is a potential for SHIB to see a significant rally due to increased investment in ETF products.
Other factors, like the widespread adoption of Shibarium, could also play a key role in driving SHIB’s price. Shibarium adoption is expected to skyrocket soon as K9 Finance DAO prepares to deploy the first stage of its liquid staking and derivative platform on the network before the end of this month.
As reported earlier, the K9 Finance team plans to launch the beta version of their decentralized application towards the end of Q2 2024. This month marks the end of Q2 2024, so the beta testing of K9 Finance’s liquid staking dApp could commence before the end of this month.
Initiatives, like the upcoming beta testing of K9 Finance dApp on Shibarium, could contribute to driving the demand for SHIB and potentially impact the asset’s price.
SHIB Plunges 1.79% MTD
Shiba Inu was changing hands at $0.00002504 in the hours leading up to press time, marking a daily increase of 1.37% and a weekly growth of 0.84%. However, just three days into June, SHIB is already down 1.79% month-to-date (MTD).
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
