The Shiba Inu (SHIB) is experiencing a turbulent period as the price chart paints a somewhat bleak picture. With its latest monthly candle, the Shiba Inu posted its worst performance since November, igniting a flurry of speculation and raising important questions about the future of this meme currency.
As the cryptocurrency market closely monitors this unprecedented downturn, the fate of the Shiba Inu hangs in the balance, leaving investors and meme fans to contemplate what lies ahead for this intriguing currency.
Shep’s value declines, which casts doubt on her future
SHIB value saw a big dropUp 16% since the beginning of May, its future is shrouded in a dark haze. Should the ongoing trend continue, May could potentially emerge as the most disastrous month for SHIB since November 2022. During that period, SHIB experienced a staggering 25% drop after the collapse of cryptocurrency exchange FTX.
Source: Coingecko
According to data from Queen Gekko, the current price of SHIB is resting at $0.00000849. Although it experienced a marginal decline of 0.9% over the past 24 hours, it still managed a very small gain of 0.1% over the course of 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. Firstly, the weakness shown by altcoins during the spring season adds to the concern. Second, price action bears an uncanny resemblance to a technical bounce from the 2022 low.
Together, these factors amplify the potential for an ongoing downward spiral for SHIB, although the extent of the decline remains uncertain.
SHIB’s perpetual contracts are listed on the Kraken Pro platform, boosting exposure
In a much-needed glimmer of positivity, SHIB fans can breathe a sigh of relief that SHIB’s future permanent is officially gone. Included in Kraken ProKraken, an advanced cryptocurrency trading platform.
Just in: Kraken has always added a new style to Chip dollar 🔥🔥
– SHIB BPP Dollars (SHIBBPP) May 30, 2023
Perpetual futures contracts act as derivative financial instruments that give traders the opportunity to speculate on the price fluctuations of various assets, all without actually owning them. Similar to traditional futures contracts, perpetual contracts derive their value from the underlying cryptocurrency asset.
This last list holds the potential to greatly enhance Shiba Inu exposure. Kraken, famous as one of the largest cryptocurrency exchanges with millions of users, provides an ideal platform for SHIB to gain greater visibility among traders and investors alike.
While the SHIB community grapples with concerns surrounding its price drop, the listing of SHIB’s perpetual futures contract on Kraken Pro opens doors to new trading opportunities and expands the reach of this meme-inspired digital asset. It will also provide optimism amid the current uncertainty surrounding SHIB’s future.
(The content of this website should not be interpreted as investment advice. Investing involves risk. When you invest, your capital is at risk)
Featured image from Peakpx