Analytics

Shiba Inu (SHIB) in Pivotal Quarter, Bull-Bear Action to Take Epic Ride

Shiba Inu printed more than two-year growth in only the past quarter, a bullish trend born out of the eclectic surge of Bitcoin (BTC) to a new all-time high (ATH). Despite historic traction, the month of April and this second quarter, in general, hold a different, almost-bearish prospect, overall. Data from Cryptorank shows April comes with negative trends despite average gains for the month coming in at 8.93%.

The Shiba Inu April trend comes with a massive 69.4% surge in 2021. April 2022 reversed the trend as the price slipped 22% overall. April 2023 also saw the SHIB price plunge by 6.41%, a trend that has started thus far with a current slump of 5.53% to $0.0000293.

When zoomed out to view the performance of Shiba Inu on a quarterly basis, it becomes obvious that the second quarter (Q2) is the least performing for the digital currency overall. The second quarter of 2021 saw SHIB close at a massive 628.9%, growth that has proven to be a one-off event.

Q2 of 2022 and 2023 saw reverse growth as the meme coin plunged 60.2% and 30.2%, respectively, per data from Cryptorank.

SHIB bulls and bears to hash it out

Despite historical trends, many indicators point to a potential difference in this new quarter. Shiba Inu as an ecosystem has evolved, with numerous growth catalysts that can rebalance the bull-bear fight.

One of these catalysts is the burn rate, a trend that has remained consistent in helping to crunch the supply of the digital currency. Per the earlier report, a total of 15.6 billion SHIB was scored in March, with a burn rate that soared 2,330%.

This burn rate is complemented by the growing embrace of Shibarium, Shiba Inu’s layer-2 scaling solution. Notably, Shibarium has continued to hit significant milestones that have ultimately contributed to the growth of the underlying Shiba Inu ecosystem.

Source

Click to rate this post!
[Total: 0 Average: 0]
Show More