- Shiba Inu (SHIB) has risen 64% in 2024, outperforming the S&P 500 and Nasdaq Composite.
- Analysts predict a potential rally for SHIB, with some projecting a return to its 2021 high.
Shiba Inu (SHIB), a popular meme cryptocurrency, has shown remarkable performance in 2024, outpacing major indices like the S&P 500 and the Nasdaq Composite. As of the market close on April 21, SHIB has surged by 64%, significantly outperforming the S&P 500’s 15% rise and the Nasdaq’s 18% gain.
Despite its strong performance earlier in the year, Shiba Inu faced a significant decline in June 2024. The token’s value fell by over 33%, ending the month at $0.000017, marking its worst result since May 2022.
However, historical trends suggest potential optimism for Shiba Inu’s performance in July. According to data from CryptoRank, the median profitability of SHIB in the second month of summer is 11.8%. Over the past few years, SHIB has generally performed well, with gains of 11.8% in 2023 and 13.4% in 2022. The notable exception was 2021, when SHIB experienced a nearly 30% decline, although this followed a period of significant growth. At press time, the meme coin had fallen 1% in the last 24 hours and 5% in the last seven days to trade at $0.00001707.
Crypto market analyst and trader Daink has disclosed his analysis for Shiba Inu (SHIB), projecting an imminent rally to its 2021 high of over $0.000088. Despite experiencing significant declines amid broader market downturns, SHIB may be poised for a significant comeback, according to Daink’s recent analysis.
Bought a long term bag pic.twitter.com/WLP5vYgs6E
— Daink (@TraderDaink) June 28, 2024
Volatility and Market Impact
The broader cryptocurrency market downturn has heavily impacted Shiba Inu, exacerbated by Bitcoin’s persistent selling pressure. Bitcoin, the leading cryptocurrency, has shown resilience, with a 10% decline this month, contrasting with SHIB’s steeper drop due to its higher volatility. Higher volatility in SHIB, while contributing to its sharper decline, could also benefit the asset during an uptrend.
Data from Santiment highlights this volatility, noting that SHIB’s weekly volatility stands at 0.025 compared to Bitcoin’s 0.021. Historically, periods of reduced volatility for SHIB have preceded price rallies. This pattern was observed in February before a previous uptrend, suggesting a similar opportunity for investors now.
Long-Term Investment Strategy
Daink’s investment approach involves purchasing and holding SHIB until it reaches the targeted price level. He aims for SHIB to surpass the $0.000088 mark, its all-time high achieved in October 2021 during a previous bull run. With SHIB currently priced at $0.00001705, reaching this target would necessitate a 416% increase. This surge could transform a $1,000 investment into approximately $5,161.
The $0.000017 support level has provided stability for SHIB, with the price consolidating around this region for five days. This consolidation indicates potential groundwork for the anticipated rally. Daink’s strategy aligns with the behavior of many SHIB investors. According to IntoTheBlock, 1.03 million addresses, or 76.8% of the total 1.34 million SHIB addresses, have held their tokens for over a year. This figure has risen from 1.02 million in just ten days, reflecting strong investor confidence despite the market downturn.
The optimism surrounding Shiba Inu’s potential rally is not isolated to Daink. Other market analysts share similar sentiments. As previously reported by Crypto News Flash, Javon Marks, another prominent analyst, recently projected an upcoming price surge for SHIB to the $0.000088 territory.
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