As a researcher with years of experience in the dynamic world of cryptocurrencies, I have learned to expect the unexpected. However, the performance of Shiba Inu (SHIB) so far this October has been intriguing, to say the least. The historical returns suggest a promising 200%, but the current 2.67% gain is certainly not what I was anticipating.
This October, the cryptocurrency Shiba Inu (SHIB) – known for its meme origins – has an intriguing deadline, as its past price performance suggests a potential increase of at least 200% up to 283%, but, so far, it’s only managed a rise of 2.67% by October 14th.
In October, as indicated by CryptoRank’s analysis of Shiba Inu token’s price history, the return for the second largest meme coin in the crypto market was approximately 213.2%. A significant portion of this gain is due to the remarkable increase in the value of SHIB during October 2021, where its price surged by a staggering 833.6% within that month alone.
Upon further analysis, I’ve found that the median return for the Shiba Inu token in the tenth month of the year stands at a robust 8.21%.
Typically, October tends to be a ‘green’ month for well-known meme cryptocurrencies, meaning they often experience growth. However, these trends don’t necessarily reflect the overall price history. In the years 2022 and 2023, the Shiba Inu token saw an increase as well, but only by 10.4% in 2022 and a more modest 6.04% in 2023.
Shiba Inu (SHIB): Price outlook
Whether this time will be as fruitful as it was for SHIB three years ago remains to be seen.
Currently, the meme-driven SHIB token is being traded at more than $0.000018. Following a two-week price decline that led to approximately a 10% decrease in its value, the new week began with a 2.5% increase. Although this might not seem significant for the 13th largest cryptocurrency, it has sparked conversations once again about how October typically benefits the Shiba Inu token.
As we approach the final two weeks, I’m wondering if Shiba Inu (SHIB) will continue its impressive track record by delivering another unexpected 200% growth spurt in the market.
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2024-10-14 13:47