Prominent meme coin Shiba Inu [SHIB] is known for its abrupt spikes and falls. While it carries the ability to turn lives around, it can also remain static. Currently, the SHIB market has put its millionaire-making days behind and is struggling with the bears.
The meme coin, at press time, is trading at $0.00002208 following a 1.48% daily drop. SHIB’s weekly record hasn’t been that great either, as the asset endured a 15% dip. However, the past year has been eventful for the asset, as it recorded a 235% surge.
Shiba Inu investors have been left wondering what to do as the market suffers. A crypto analyst, Rafaela Rigo, has advised the community to purchase the dip. In a recent post on X [formerly Twitter], Rigo noted that she has been buying SHIB during its slump.
The analyst believes that SHIB has the potential to reach as high as $0.00004988, which is a 130% rise from its current level. This forecast was issued towards the end of May and the meme coin has since dipped. Doubling down on this prediction, Rigo revealed that the retracement was simply a buying opportunity.
Also Read: Shiba Inu: How To Be A Millionaire If SHIB Reclaims All-Time High?
Can Shiba Inu Break its Historical June Curse?
While analysts urge the market to buy the dip, investors may have to wait long before reaping the benefits. According to data from CryptoRank, June has been an unfavorable month for Shiba Inu since its inception. Since 2021, the meme coin has dropped by an average of 10.4% in June.
Also Read: Shiba Inu: Robinhood & Coinbase Move 9.6 Trillion Tokens
It remains unclear whether SHIB will maintain this streak. On the other hand, the overall Shiba Inu network has been working on bolstering its utility and has lured in more community members while retaining the older ones. As a result, the meme coin may witness a reversal in this historical trend in the coming days.
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