The rise of Shiba Inu: Exploring the factors behind June’s surprising turnaround

Throughout the course of 2024, Shiba Inu (SHIB) has proven to be a standout performer in the cryptocurrency market, showcasing remarkable growth and resilience. According to comprehensive data from CryptoRank, Shiba Inu has seen its price surge by an impressive 141.5% year-to-date (YTD), solidifying its position as a notable asset in the crypto landscape.

The year has been marked by consistent upward momentum for Shiba Inu, with positive monthly closures recorded in three out of the five months completed thus far. March emerged as a standout month for SHIB, witnessing an extraordinary monthly surge of 145.2%, showcasing the asset’s ability to capture investor attention and drive significant gains.

Interestingly, the positive trend extended into May, where Shiba Inu closed the month with a gain of 13.2%. This achievement is particularly noteworthy as it effectively halted the asset’s previous streak of losses recorded over the past two years, highlighting its resilience and potential for growth amidst market fluctuations.

Opportunity to end bearish trend

As June approaches, Shiba Inu faces the daunting task of overturning the prevailing bearish sentiment. Since its inception in August 2020, Shiba Inu has consistently struggled to close out the month of June with positive gains.

A retrospective analysis of data from CryptoRank underscores this enduring trend. In June 2021, Shiba Inu experienced a notable 4.75% price decline, marking the beginning of a recurring pattern. The subsequent years further solidified this narrative, with June 2022 witnessing a more substantial dip of 12%, followed by another significant downturn of 11.5% in June 2023.

Now, as June unfolds once more, Shiba Inu stands at a pivotal juncture, presented with a golden opportunity to break free from the shackles of this historical trend. The potential reversal of fortunes in June 2024 holds the promise of not only ending the persistent bearish cycle but also potentially ushering in a new era of bullish momentum for the popular cryptocurrency.

Is Shiba Inu losing streak?

Amidst the current bullish fervor sweeping through the broader cryptocurrency market, Shiba Inu appears poised to break from its historical June downturn trend, largely fueled by a notable shift in institutional investment dynamics. With institutional investors based in the United States gaining access to trade shares of Bitcoin spot-based exchange-traded funds (ETFs), the landscape is evolving, potentially altering the trajectory for Shiba Inu.

While the introduction of Bitcoin ETFs may not directly influence SHIB’s price, given its correlation with Bitcoin’s movements, the increased interest and investment in ETF products could potentially catalyze a significant rally for Shiba Inu.

Furthermore, the impending surge in Shibarium adoption is another pivotal factor likely to exert upward pressure on SHIB’s price. The imminent deployment of the first stage of K9 Finance DAO’s liquid staking and derivative platform on the Shibarium network before the end of the month signals a major milestone in the ecosystem’s evolution.

As previously reported, the K9 Finance team is on track to unveil the beta version of their decentralized application by the end of Q2 2024. Given that this month marks the end of Q2 2024, the commencement of beta testing for K9 Finance’s liquid staking dApp could potentially occur within the coming weeks.

Initiatives such as the forthcoming beta testing of the K9 Finance dApp on Shibarium promise to bolster demand for SHIB and could substantially influence the asset’s price trajectory in the near term.

In the hours preceding the current press time, Shiba Inu was traded at $0.00002504, reflecting a daily uptick of 1.37% and a weekly expansion of 0.84%. Nonetheless, despite these gains, as June enters its third day, SHIB has already registered a month-to-date (MTD) decrease of 1.79%.