Shiba Inu Coin’s Journey: From Historic Highs to Anticipated Shifts in Q2 2024

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Shiba Inu (SHIB), the renowned memecoin, experienced an extraordinary surge in its price last quarter, reaching heights not witnessed in over two years. This surge was primarily fueled by Bitcoin’s record-breaking ascent to its all-time high. However, despite this recent historic rally, indicators suggest a downward trend for SHIB in April and the second quarter overall.

Historical Performance in April

Historical data reveals April’s unfavorable stance for Shiba Inu’s SHIB, with an average monthly gain of 8.93%. April has shown considerable volatility in previous years. While April 2021 saw a notable increase of 69.4%, April 2022 and 2023 witnessed reversals, with price declines of 22% and 6.41% respectively. Currently, SHIB has initiated this April with a 5.53% decline.

Assessing Shiba Inu’s quarterly performance, the second quarter (Q2) historically emerges as the weakest period for the altcoin. According to Cryptorank’s data, there was a positive trend of 628.9% in Q2 of 2021, but subsequent years witnessed negative trends, with declines of 60.2% and 30.2% in Q2 of 2022 and 2023, respectively.

Related article: SHIB Supply Shrinks as Burn Rate Soars Over 2,000% in March

Potential Shifts This Time

Despite these historical trends, several indicators suggest that the current quarter’s price performance for Shiba Inu could diverge from the norm. The ecosystem surrounding Shiba Inu presents bullish catalysts that could potentially rebalance the bull-bear struggle.

Related article: Bullish Outlook: Shiba Inu (SHIB) Coin Could See Substantial Gains, Expert Believes

One significant catalyst is the impending fourth Bitcoin block reward halving this month, which consistently reduces Bitcoin’s supply every four years. Additionally, the ongoing SHIB burns continue to make an impact. Last month alone, 15.6 billion SHIB were burned, effectively reducing circulation and resulting in a surprising 2,330% increase in the altcoin’s token burn rate.

Moreover, the increasing adoption of Shiba Inu’s Layer 2 scaling solution, Shibarium, contributes to the ecosystem’s expansion. Significant milestones achieved by Shibarium indicate a strengthening foundation for the Shiba Inu ecosystem. This suggests that the second quarter of 2024 could potentially yield positive outcomes for SHIB, contrary to historical trends.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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