The price of Shiba Inu (SHIB) has been fluctuating in a somewhat unpredictable manner as the month of June comes to a close. Traders and investors are now trying to determine if SHIB will be a worthwhile investment in July. There are several reasons why SHIB could be a good buy next month, including ongoing ecosystem development, frequent updates, a high burn rate of SHIB tokens, and a growing community that believes in the long-term potential of the project. The ecosystem has been expanding steadily, with the recent announcement of new use cases for SHIB-generated non-fungible tokens (NFTs). Additionally, the completion of 20 million transactions on the Puppynet testnet and positive community engagement have contributed to a brief price recovery. SHIB has also been listed as one of the 30 prominent cryptocurrencies on the Hong Kong Virtual Asset Consortium’s digital asset index. However, SHIB faces competition from newcomer Pepe (PEPE) and has lost some holders in mid-June. Currently, SHIB is priced at $0.000007531, with critical support at $0.00000696 and resistance at $0.0000082. Technical analysis suggests a bearish sentiment for SHIB. Overall, SHIB’s price trends are influenced by the broader crypto market, unless there are specific developments related to its ecosystem.
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