Shiba Inu (SHIB) is facing a turbulent time as its price chart paints a rather bleak picture. With the latest monthly candle, the Shiba Inu has recorded its worst performance since November, igniting a wave of speculation and raising important questions about the future of this meme coin.
While the cryptocurrency market is closely watching this unprecedented downturn, the fate of Shiba Inu hangs in the balance, leaving investors and meme enthusiasts pondering what lies ahead for of this interesting coin.
SHIB’s Value Drops, Casting Doubt On Its Future
The value of SHIB witnessed a great reduction, which has exceeded 16% since the beginning of May, thus covering its future in a dark haze. If the ongoing trend continues, May has the potential to emerge as the worst month for SHIB since November 2022. During that time, SHIB experienced a staggering 25% decline following the collapse of the crypto exchange FTX.
According to data from CoinGecko, the current price of SHIB rests at $0.00000849. Although it faced a marginal 0.9% decline in the last 24 hours, it still managed to achieve a 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 path, two key factors are at play. First, the weakness shown by altcoins during the spring increases the fear. Second, the price action bears a striking resemblance to a technical rebound from the fall experienced in 2022.
These factors combined raise the possibility of a continued downward spiral for SHIB, although the extent of the decline remains uncertain.
SHIB Perpetual Futures Listed On Kraken Pro, Increases Exposure
In a much-needed ray of positivity, SHIB enthusiasts can breathe a sigh of relief as SHIB perpetual futures are now official. listed on Kraken Prothe advanced cryptocurrency trading platform offered by Kraken.
In lang: Kraken added a new perpetual for $SHIB 🔥🔥
— $SHIB BPP (@ShibBPP) May 30, 2023
Perpetual futures contracts serve as derivative financial instruments that give traders the opportunity to speculate on the price fluctuations of various assets, all without actually owning them. Like traditional futures contracts, perpetual contracts derive their value from the underlying cryptocurrency asset.
This new listing holds the potential to significantly improve exposure to the Shiba Inu. Kraken, renowned as one of the largest cryptocurrency exchanges boasting millions of users, provides an ideal platform for SHIB to increase the visibility of traders and investors alike.
While the SHIB community faces concerns surrounding its price drop, SHIB’s listing of Kraken Pro’s perpetual futures opens the 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.
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-Featured image from Peakpx