One of the most popular meme cryptocurrencies, Shiba Inu (SHIB), has ended June with its worst performance since May 2022. By the end of the month, SHIB’s price had dropped over 33%, reaching $0.000017.
Despite this decline, top crypto trader Daink predicts an imminent rally for Shiba Inu, projecting a return to its 2021 high above $0.000088.
Shiba Inu Price To Hit $0.000088
In a recent tweet, renowned crypto trader Daink sparked excitement within the Shiba Inu (SHIB) community by announcing the purchase of a long-term SHIB bag. Daink, known for his accurate market predictions, is projecting an imminent rally that could see SHIB revisit its 2021 high above $0.000088.
The recent analysis comes on the heels of an ongoing downturn in the market, with Shiba Inu being one of the hardest hit. With June almost over, SHIB has plummeted 32.87% this month, potentially making it the worst-performing month since the Terra implosion in May 2022.
Crypto trader Daink sees this as a chance to buy SHIB at a lower price before the expected rally. He notes that a similar drop in volatility occurred in February, right before a previous SHIB rally. Meanwhile, believing a repeat is likely, Daink has bought a long-term Shiba Inu bag.
Shib Price May Skyrocket in July
On the other hand, CryptoRank data suggests that Shiba Inu’s price could increase by 11% in July. Historically, SHIB has seen positive movement in July, with price increases of 11.8% in 2023 and 13.4% in 2022.
However, June has never been favorable for Shiba Inu, and 2024 is no exception. Despite this, Shiba Inu’s price is hovering at $0.0000171, reflecting a slight price drop seen in the last 24 hours.
Shiba Inu, with a market cap of $10 billion, is currently the second-largest meme coin, trailing behind Dogecoin, which has a market cap of $17 billion.
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