The Shiba Inu [SHIB] network has seen major growth in the past year. June 2024 was a challenging month for the meme coin. It dipped by nearly 30% during this period. Last week, the entire market was recording a major decline. SHIB plunged by nearly 6%. However, at press time, the meme coin was enjoying recovery as the asset was priced at $0.00001771 following a 24-hour surge of 3.34%.
It looks like Shiba Inu will end June on a great note. Changelly predicts that the meme coin will see a double-digit rise throughout the coming days. Later this week, SHIB might even manage to push past $0.00003. On July 1, SHIB is expected to trade at a high of $0.00003388, following a 91.63% increase from its current level.
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Can July Prove To Be a Positive Month for Shiba Inu?
According to Crypto Rank, June has historically been a bearish month for the entire market. Not even Shiba Inu was spared. In light of this, July is a fairly positive month for the meme coin. Over the past two years, SHIB has seen upward movement. In 2023, the asset rose by over 11%, and in 2022, SHIB saw a 13% surge in the month of July. Therefore, the market expects an upward trajectory for SHIB in the coming month.
In addition to the market sentiment, the burns carried out in the SHIB market will play a vital role in boosting its price. Recently, the meme coin’s burn rate jumped by over 6,000%. Similar magnitudes of burns can drive the asset’s price even more than the above prediction. Currently, the burn rate stands at a dainty 101%. Developments in the Shiba Inu network can also act as a major catalyst.
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