Shiba Inu Birthday Month: Projections for SHIB August 2024 Performance

Shiba Inu’s performance in recent weeks has been lackluster, marked by lower lows and lower highs during market recoveries. Yesterday, SHIB fell further to $0.00001381, its lowest value this month, with only a slight recovery by press time.

Meanwhile, Shiba Inu is celebrating its fourth anniversary in the crypto market this month, having launched in August 2020. The Shiba Inu team has marked this milestone, noting its remarkable performance over the years.

In a celebratory post, Shiba Inu’s content specialist Lucie highlighted the growth of the SHIB community, now boasting an army of 1,401,173 supporters. She noted the impressive wealth created in just four years, with SHIB recording an astounding 150 million percent increase from its initial price of $0.000000000056 to its all-time high of $0.00008616 in October 2021.

Notably, this growth means even a $100 investment in Shiba Inu at its lowest price could have yielded $150 million in returns. Numerous accounts exist of individuals who have made fortunes from Shiba Inu, including the most profitable trade on record, where one trader turned an $8,000 investment into $5.7 billion. This remarkable success was featured in one of Shiba Inu’s weekly publications.

The 150,000,000% growth to its all-time high has sparked discussions about Shiba Inu’s potential price performance during its birthday month.

Already, Shiba Inu has dropped by over 11% this month. Looking at historical data, Shiba Inu also ended August 2023 with a 5.44% decline. However, in August 2022 and 2021, Shiba Inu experienced notable positive gains.

An analyst identified $0.000015 as the crucial support level for Shiba Inu to defend in order to have the potential to double in price to $0.00003. However, Shiba Inu has fallen well below this support level.

Meanwhile, like in 2021, the crypto market is currently in a bullish phase. Shiba Inu could rebound significantly if Bitcoin exhibits stability.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source