Shiba Inu (SHIB) has recorded an appreciable price surge following its poor start to the month. According to data, SHIB’s price at the time of writing stood at $0.00001695, with a 5.78% uptick in the past 24 hours.
Community optimism renewed
The price rebound for the dog-themed meme coin has sparked bullish sentiment among community members. This represents a significant shift from the downturn that saw Shiba Inu sink by over 11% at the start of October.
As crypto enthusiasts know it, October, or ‘Uptober,’ is typically a bullish month. However, many factors, including Middle East tension, appeared to have affected the broader crypto-inclusive financial market. This disappointed many investors, particularly those betting on a price rise to rake in profits.
Shiba Inu’s recent performance has reignited investors’ hopes in the meme coin. Many in the community have expressed excitement and anticipate that this rebound will see SHIB hit a new local high this month. In response to an X post by Shibtoken, many community members have listed how they would celebrate a new ATH.
Overall, Shiba Inu has managed to show resilience ever since June’s massive bearish month. Shibizens remained confident in the project and supported periodic burn activity to regulate the supply. In the past week, the community has sent millions of SHIB to dead wallets in an effort to stabilize the price crash.
Shiba Inu investors hope for history to repeat itself in October
As earlier reported by U.Today, before this price rebound, Shiba Inu risked adding another zero as the price hovered around its critical support level. However, SHIB’s resilience has prevailed, and price movement has pushed it upward, to the delight of investors.
Shiba Inu investors now hope bullish sentiment will sustain the mid- to-long-term price trajectory, which is considered the only way to achieve a new ATH. Coincidentally, Shiba Inu hit its last ATH in October 2021, and investors hope history will repeat itself this month.