Shiba Inu could continue its uptrend in October, with historical data suggesting that SHIB could witness a surge of 283% next month.
SHIB left many market participants in awe after it recorded an outstanding rally of over 52% to hit a three-month high of $0.00002156. This remarkable price surge put Shiba Inu in the limelight with top entities like Grayscale Investments and Robinhood recognizing it as one of the biggest gainers in the crypto market.
It is noteworthy that Shiba Inu has experienced a massive correction ever since, currently trading at $0.00001869. Nonetheless, historical data suggests that the dog-themed token could resume its rally by next month.
Shiba Inu’s October Performance
For context, Shiba Inu, like the rest of the crypto market, typically experiences remarkable performances in October. The month of October, popularly referred to as “Uptober” within the crypto community, has led to huge price spikes for Shiba Inu.
Data from CryptoRank confirms this trend, indicating that Shiba Inu has ended well every October since the asset launched in 2020. According to the data, Shiba Inu recorded an outstanding rally of 833.6% in October 2021, the same month when SHIB registered an all-time high of $0.00008616.
Although SHIB did not experience a similar price surge in October 2022 and 2023, it still ended these months in green. Notably, Shiba Inu witnessed double-digit gains of 10.45% in October 2022. However, the token slightly increased by 6.04% the following year.
Shiba Inu Could Spike 283% Next Month to $0.00007165
Given Shiba Inu’s incredible performance in October over the past three years, CryptoRank data confirms that SHIB has an average growth rate of 283.4% and a median return of 10.4%. If Shiba Inu witnesses a growth of 283.4%, SHIB’s price could surge to $0.00007165 from the current level of $0.00001869.
A portfolio of 100 million SHIB tokens, currently valued at $1,869, would be worth $7,165 at the projected price. It remains unclear whether Shiba Inu could soar 283.4% in October to $0.00007165. Nonetheless, Shiba Inu enthusiasts expect next month to be positive for the cryptocurrency.
This confidence emanates from reports suggesting that the team behind the Shiba Inu project is planning to introduce “something big” to the ecosystem. In a September 19 post, famous YouTuber Raajeev Anand said Shiba Inu’s lead developer, Shytoshi Kusama, informed him that the next two weeks will be interesting for SHIB. When asked for details, he disclosed that the team wants to introduce “something big in Q4 2024.”
The $0.00007 Projection
Meanwhile, several analysts have issued multiple projections, forecasting that SHIB could soon rally toward the $0.00007 price territory.
In May, popular market observer Ali Martinez identified the formation of a bull flag on Shiba Inu’s daily chart. The expert, who acquired some amounts of SHIB around the $0.00001834 level, speculated that he expects a bullish breakout that could take Shiba Inu’s price to $0.00007232.
Also, on June 14, another expert Mehrhpm forecasted that Shiba Inu could experience a significant surge to $0.000075 if it records a daily close of $0.000026.
