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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. $SHIB 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…

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Filed under: News - @ June 30, 2024 4:08 pm