Will Shiba Inu recover after a 16% drop in May?

Shiba Inu (SHIB) is currently going through a difficult period as its price chart presents a rather negative outlook. With its latest monthly candle, Shiba Inu has recorded its worst performance since November, sparking speculation and raising important questions about the future of this meme coin.

As the cryptocurrency market closely monitors this unprecedented downturn, the future of 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 has experienced a significant decline, exceeding 16% since the beginning of May, enveloping its future in a bleak haze. If the current trend persists, May could become the most disastrous month for SHIB since November 2022. During that period, SHIB experienced a staggering 25% drop following the collapse of the crypto exchange FTX.

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Source: Coingecko

According to data from CoinGecko, the current price of SHIB is resting at $0.00000849. Although it has faced a slight 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 increase the likelihood 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 breathe 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 allow traders 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 has the potential to significantly enhance the exposure of Shiba Inu. Kraken, renowned as one of the largest cryptocurrency exchanges with 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