Shiba Inu

As the month of June is already drawing to its conclusion, the price of Shiba Inu (<a href="https://finbold.com/cryptocurrency/shiba-inu/" rel="noopener noreferrer nofollow">SHIB</a>) has been moving in a slightly capricious manner, and now <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">cryptocurrency traders</a> and <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> are trying to gauge whether the meme <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> asset will be a good buy in July.Indeed, there are several reasons why <a href="https://finbold.com/guide/how-to-buy-shiba-inu-coin-shib/" rel="noopener noreferrer nofollow">Shiba Inu</a> could be a good buy in July, ranging from the continuous development of its ecosystem, multiple updates, SHIB burn rate, and its growing community that <a href="https://finbold.com/crypto-community-with-84-historical-accuracy-sets-shib-price-for-june-30-2023/" rel="noopener noreferrer nofollow">believes</a> in the long-term potential of both the project and its <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a>.<h2 id="header-0">Good buy or goodbye?</h2>Firstly, its ecosystem has been steadily growing and advancing, most recently demonstrated with its lead developer Shytoshi Kusama <a href="https://twitter.com/ShytoshiKusama/status/1673374099949731861" rel="noopener noreferrer nofollow">announcing</a> that “something lovely is coming” for Shiboshis, the exclusive SHIB-generated non-fungible tokens (<a href="https://finbold.com/guide/how-to-mint-sell-nfts-non-fungible-tokens-explained/" rel="noopener noreferrer nofollow">NFTs</a>).<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/a6f7d07f539d4551bea41dcb461f8fc6.PNG" />Earlier, Finbold had also <a href="https://finbold.com/shib-soars-28-in-a-week-to-5-billion-market-cap-as-shibarium-hype-rises/" rel="noopener noreferrer nofollow">reported</a> on the successful completion of 20 million transactions on Puppynet, the testnet for SHIB’s Layer 2 scaling solution, and the ensuing increase in interest in the SHIB community as the strongest and most probable contributing factor to the brief price recovery from last week.In the meantime, the pseudonymous lead developer of the Shiba Inu ecosystem has talked to the SHIB community on Telegram, not only fuelling optimism but also <a href="https://twitter.com/Jolt_yourday/status/1671712718536036352" rel="noopener noreferrer nofollow">addressing</a> concerns that the community members had, claiming victory over ‘FUD’ (fear, uncertainty, doubt).<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4094ac49be344c0eb91caa885ce24f00.PNG" />It should also be noted that SHIB is one of the 30 prominent cryptos, next to <a href="https://finbold.com/cryptocurrency/xrp/" rel="noopener noreferrer nofollow">XRP</a>, Cardano (<a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">ADA</a>), Stellar (<a href="https://finbold.com/cryptocurrency/stellar/" rel="noopener noreferrer nofollow">XLM</a>), Polygon (<a href="https://finbold.com/cryptocurrency/polygon/" rel="noopener noreferrer nofollow">MATIC</a>), and others, <a href="https://twitter.com/cz_binance/status/1673629402763075584" rel="noopener noreferrer nofollow">announced</a> by the Hong Kong Virtual Asset Consortium (HKVAC) to be listed on its newly-launched, highly anticipated digital asset index.Furthermore, the recent Shiba Inu <a href="https://www.shibburn.com/" rel="noopener noreferrer nofollow">data</a> has shown an immense rise in the SHIB burn rate, demonstrating an increase of 1,620% from the previous day’s remarkably low numbers, as 330 million SHIB were burned in 24 hours, which usually acts as a positive catalyst for the asset’s price as it reduces its supply.On the other hand, a newcomer to the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> – Pepe (<a href="https://finbold.com/topic/pepe/" rel="noopener noreferrer nofollow">PEPE</a>), is threatening Shiba Inu’s dominance, as well as that of Dogecoin (<a href="https://finbold.com/cryptocurrency/dogecoin/" rel="noopener noreferrer nofollow">DOGE</a>), as Pepe has recently outperformed both in terms of its daily trading volume. Not only that, but SHIB <a href="https://finbold.com/shib-loses-nearly-40000-holders-in-less-than-a-week/" rel="noopener noreferrer nofollow">lost</a> close to 40,000 holders over mere three days in mid-June, slightly recovering since.<h2 id="header-1">SHIB price analysis</h2>As things stand, Shiba Inu is currently changing hands at the price of $0.000007531, recording a decline of 3.16% in the last 24 hours and a loss of 13.84% across the previous month but still a 7.47% gain on its weekly chart, as per the most recent information retrieved on June 27.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5a8cb747f38d475f9b6b45700b363828.png" />SHIB 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/shiba-inu/" rel="noopener noreferrer nofollow">Finbold</a>At this point, Shiba Inu’s critical <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support</a> level rests at $0.00000696, whereas it is facing resistance at $0.0000082, which represents the price at which sellers are likely to enter the market and sell their SHIB holdings, putting downward pressure on its price.<h2 id="header-2">SHIB technical analysis</h2>At the same time, the 1-day technical analysis (<a href="https://finbold.com/guide/technical-analysis/" rel="noopener noreferrer nofollow">TA</a>) gauges over at the crypto and <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">finance</a> analytics platform TradingView <a href="https://www.tradingview.com/symbols/SHIBUSDT/technicals/?exchange&#61;BINANCE" rel="noopener noreferrer nofollow">indicate</a> a <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> sentiment for SHIB. Specifically, their summary suggests a ‘sell’ at 14, which is the result of <a href="https://finbold.com/guide/stochastic-oscillator-definition/" rel="noopener noreferrer nofollow">oscillators</a> pointing at a ‘neutral’ at 8 and moving averages (<a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">MA</a>) in the ‘sell’ zone at 12.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0d3ad79c93d443ea817867617cefed4a.png" />SHIB 1-day sentiment gauges. Source: <a href="https://www.tradingview.com/symbols/SHIBUSDT/technicals/?exchange&#61;BINANCE" rel="noopener noreferrer nofollow">TradingView</a>All things considered, SHIB price trends are typically under the influence of the broader atmosphere on the crypto market unless when there are developments directly related to the digital asset’s ecosystem, such as updates on its Layer 2 Shibarium <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a>.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

Is Shiba Inu (SHIB) a good buy in July?

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