Gushiken Yona
The “June Crypto Jinx” has long intrigued market analysts and investors. A dive into the historical data reveals that cryptocurrencies like Shiba Inu, Bitcoin, and Ethereum often experience significant price fluctuations during this month.
Shiba Inu is currently trading in the red zone at $0.00001819, representing a double-digit drop in value by 23.84%. While many are wondering why the market is behaving this way, a crypto analyst who uses the handle @0xSisyphus suggested on X (formerly Twitter) that historical patterns might hold the key to understanding this phenomenon.
The crypto analyst, @0xSisyphus, with over 116,000 followers on X, pointed towards a potential “June Jinx” in the crypto market. They highlighted past instances of June volatility, including, June 2020: Bitcoin halving dump, June 2021: Fallout from May end of the cycle, bottom in July, June 2022: 3AC + leverage blowup, June 2023: Robinhood delisting, securities FUD and June 2024: Altcoin meltdown (usually up by August).
Shiba Inu, the current world’s largest dog-themed altcoin by market cap, launched in August 2020, hasn’t escaped the June crypto jinx. In June 2021, it experienced a significant correction from its all-time high. The following year, June 2022, saw a market-wide downturn that impacted SHIB’s value. June 2023 brought regulatory challenges, including Robinhood delisting the token, leading to further price declines.
Bitcoin’s historical data also aligns with the June Crypto Jinx. In June 2020, Bitcoin’s price dropped following the halving event in May. The subsequent years saw similar downtrends: in 2021, the price fell due to the end-of-cycle dynamics, and in June 2022, the collapse of Three Arrows Capital led to a dramatic market bottom. Last June, concerns about regulatory actions, including Robinhood delisting, created additional downward pressure. This year, Bitcoin has again shown volatility, mirroring historical patterns.
Ethereum has not been immune to the June Jinx either. In 2020, Ethereum’s price followed Bitcoin’s halving-related decline. The 2021 cycle saw Ethereum’s price drop due to the broader market’s end-of-cycle corrections. The June 2022 market turmoil, driven by leveraged positions and the collapse of major crypto funds, saw Ethereum hitting new lows. Last year, the impact of regulatory fears and market delistings affected Ethereum significantly, continuing the trend into 2023.
While June has historically been a volatile month for cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu, there have been instances of notable price increases during this month as well.
For example, in June 2017, Ethereum experienced a significant surge, rising from around $200 to over $400. This was driven by factors such as increased adoption, growing interest in decentralized applications (dApps), and positive market sentiment.
Similarly, Bitcoin has also seen positive price movements in June in certain years. For instance, in June 2019, Bitcoin rallied from around $7,500 to over $13,000, fueled by renewed institutional interest and anticipation of the upcoming halving event.
Several factors contribute to the recurring June Jinx in the cryptocurrency market. Market cycles, regulatory actions, significant financial events, and broader economic conditions play crucial roles. Historical data shows that June often brings regulatory scrutiny and strategic financial decisions that impact the market adversely. The psychological impact on investors, expecting volatility, also contributes to the trend.
While the “June Jinx” may be a recurring pattern, it’s important to remember that crypto markets are complex and influenced by various factors. Positive news, technological advancements, regulatory developments, and overall market sentiment can all contribute to price increases, even during historically volatile months like June.
Historical trends, although provide valuable insights, relying solely on past data can be misleading. Market conditions evolve, and unique factors each year can significantly alter outcomes. Investors should use historical data as one of many tools in their analysis, remaining vigilant about current events and broader market dynamics.
At 7:38 p.m. ET on Tuesday, Shiba Inu experienced a dramatic surge in trading volume, reaching $602,203,274 within a 24-hour period, representing a 41.01%% increase. However, despite the increased trading activity, the meme coin’s price dipped 6.52% in the past 24 hours, with further declines of 16.30% over the last seven days and 27.11% in the past 30 days, bringing its value to $0.00001811.
According to the latest data from CoinMarketCap, Shiba Inu’s circulating supply currently stands at 589,271,349,455,007 SHIB, with a market capitalization of $10,668,176,098. These figures highlight the significant volatility and potential risks associated with investing in this popular cryptocurrency.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
