The past few days have been volatile for Shiba Inu (SHIB). The memecoin rose from $0.000015 to a local peak of $0.000021 within 24 hours, but then fell about 8%. Yet historical data from analysis platform CryptoRank may predict more spectacle for October.
“Uptober” offers hope for Shiba Inu
Historically, Shiba Inu often perform strongly in October. In the crypto community, this month is even known as “Uptober” due to previous price increases. For example, SHIB had an impressive 833% rally in October 2021, reaching its all-time high (ATH) of $0.00008616. Although the gains in October 2022 and 2023 were more moderate, the token remained up 10.45% and 6% respectively.
On average, October produces a price growth of 283.4% for Shiba Inu. If the memecoin experiences a similar rise, its price could be around $0.00007165 by the end of the month, bringing SHIB back close to its old price record.
Optimism among analysts
CryptoRank is not alone in being optimistic. Well-known crypto analyst Unipcs, better known as “Bonk Guy”, shares a positive prediction. With 37,000 followers on
In addition, the Shibarium network, the layer 2 (L2) of Shiba Inu, plays an important role. The network recently saw an increase in usage, temporarily leading to higher transaction fees and an increased burn rate of SHIB tokens. There are also rumors that the Shiba Inu team will introduce “something big” in the fourth quarter of 2024, which could positively impact the value of the entire ecosystem.
Source: https://newsbit.nl/shiba-inu-koers-schommelt-analisten-voorspellen-stijging-in-uptober/
