Shiba Inu has posted more than two years of growth in the past quarter alone, part of a bullish trend that has seen Bitcoin (BTC) surge to new all-time highs (ATH). Despite the historic appeal, the outlook for April and Q2 overall is different, almost bearish. Data from Cryptorank shows a negative trend in April despite an average gain of 8.93% for the month.
Shiba Inu April trend surges 69.4% in 2021. April 2022 reversed this trend, with prices falling overall by 22%. SHIB price also plummeted by 6.41% in April 2023, a trend that has so far started and is currently plunging by 5.53% to $0.0000293.
When narrowing down to look at Shiba Inu’s quarterly performance, it’s clear that Q2 (Q2) was the worst for the cryptocurrency as a whole. In Q2 2021, SHIB closed with a massive 628.9% gain, a growth that has proven to be a one-off event. In Q2 2022 and 2023, the Meme coin saw reverse growth, with a 60.2% and 30.2% plunge, respectively, according to Cryptorank. SHIB Bulls and Bears to Duel Despite historical trends, many indicators point to potential divergences in the new quarter. Shiba Inu has evolved as an ecosystem with numerous growth catalysts that could rebalance the bull-bear battle. One of these catalysts is the burn rate, a trend that has been consistent in helping to compress the supply of the cryptocurrency. As previously reported, the total SHIB supply reached 15.6 billion in March, with a 2,330% burn rate surge. This burn rate has been supplemented by the growing popularity of Shibaium, Shiba Inu’s layer 2 scaling solution. Notably, Shibarium continues to reach important milestones, ultimately contributing to the growth of the underlying Shiba Inu ecosystem.#Meme #SHIBI
