Can the Shiba Inu Make a Comeback From Its 16% End-May Drop?

Shiba Inu (SHIB) is facing a turbulent period as its price chart paints a bleak picture. With its latest monthly candle, the Shiba Inu posted its most disappointing performance since November, igniting a wave of speculation and raising important questions about the future of this meme coin.

As the cryptocurrency market closely watches this unprecedented drop, the fate of the Shiba Inu hangs in the balance, leaving investors and meme enthusiasts wondering what lies ahead for this intriguing coin.

SHIB’s value plummets, casting doubt on its future

The value of SHIB is observed substantial decline, is up more than 16% since early May, leaving its future shrouded in a bleak haze. Should the ongoing trend persist, May has the potential to emerge as the most disastrous month for SHIB since November 2022. During that period, SHIB experienced a 25% drop following the collapse of crypto exchange FTX.

Source: Coingecko

according to data from coingeco, the current price of SHIB is stable at $0.00000849. Although it faced a minor decline of 0.9% in the last 24-hours, it still managed to post a modest gain of 0.1% during the seven days.

SHIB market cap still pegged at $5.06 billion. Chart: TradingView.com

Amid the uncertainty surrounding SHIB’s trajectory, two important factors come into play. First, the weakness displayed by altcoins during the spring has added to the apprehension. Second, the price action bears an uncanny resemblance to the technical rally from the decline experienced in 2022.

These factors combined raise the possibility of an ongoing downward spiral for SHIB, although the extent of the decline remains uncertain.

SHIB Perpetual Futures listed on Kraken Pro, boosting exposure

In a much needed glimmer of positivity, SHIB enthusiasts can heave a sigh of relief as SHIB Perpetual Futures officially Listed on Kraken ProAdvanced cryptocurrency trading platform offered by Kraken.

JUST IN: Kraken has added a new Perpetual for $shib

– $SHIB BPP (@ShibBPP) May 30, 2023

Perpetual futures contracts serve as derivative financial instruments that provide traders with the opportunity to speculate on the price movements of various assets, all without actually owning them. Similar to traditional futures contracts, perpetual contracts derive their value from the underlying cryptocurrency asset.

This recent listing has the potential to significantly increase the exposure of the Shiba Inu. Kraken, well known as one of the largest cryptocurrency exchanges that boasts millions of users, provides an ideal platform for SHIB to increase its visibility among traders and investors alike.

As the SHIB community grapples with concerns surrounding its price decline, the listing of SHIB perpetual futures on Kraken Pro opens up new trading opportunities and expands the reach of this meme-inspired digital asset. It will also offer optimism amid the current uncertainty surrounding the future of SHIB.

(The contents of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)

– Featured Image from Peakpx