Can Shiba Inu Rebound As It Wraps Up May With A 16% Decline?
Shiba Inu (SHIB) is facing a turbulent period as its price chart paints a rather bleak picture. With its latest monthly candle, Shiba Inu has recorded its most dismal 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 downturn, the fate of Shiba Inu hangs in the balance, leaving investors and meme enthusiasts pondering what lies ahead for this intriguing coin.
SHIB’s Value Plummets, Casting Doubt On Its Future
The value of SHIB has witnessed a substantial decline, exceeding 16% since the beginning of May, thereby enveloping its future 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 staggering 25% drop following the collapse of crypto exchange FTX.
Source: Coingecko
According to data from CoinGecko, the current price of SHIB is resting at $0.00000849. Although it faced a marginal 0.9% dip over the past 24 hours, it still managed to achieve a very minimal gain of 0.1% over the course of seven days.
SHIB market cap still pegged at $5.06 billion. Chart: TradingView.com
Amidst the uncertainty surrounding SHIB’s trajectory, two significant factors come into play. First, the weakness exhibited by altcoins during the spring season adds to the apprehension. Second, the price action bears an uncanny resemblance to a technical rebound from the fall experienced in 2022.
These factors combined amplify the likelihood of an ongoing downward spiral for SHIB, albeit 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 have been officially listed on Kraken Pro, the advanced 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 grant 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 recent listing holds the potential to significantly enhance the exposure of Shiba Inu. Kraken, renowned as one of the largest cryptocurrency exchanges boasting millions of users, provides an ideal platform for SHIB to gain increased 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 doors to new trading opportunities and expands the reach of this meme-inspired digital asset. It will also offer optimism amidst the current uncertainty surrounding SHIB’s future.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)
-Featured image from Peakpx
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