The broader crypto market witnessed a massive surge in value increment within the early days of October. So, the same was the Shiba Inu token, although there was a retracement to go back to lower levels. Nevertheless, there are existing facts showing that Shiba Inu stands a chance of having a massive 400% pump within this month. Below are some of the reasons supporting this claim. Before we start, note that these are only opinions, and always do your own research before making any financial decision. Let’s go!
October is a Good Month For Shiba Inu
- One of the major reasons Shiba Inu has a chance of getting a 400% rise in price is due to how good the month of October is historically. So, one of the things that make up fundamental analysis is the historical data. According to data, there’s always a massive increase in the price of Shiba Inu for October. So, there was a show of incredible strength in October 2021, rising over 800%, which eventually led to its all-time high.
- The same thing happened in 2022. Everyone within the crypto industry knows that 2022 was one of the worst years for the crypto industry. So, Shiba Inu managed to record a double-digit increase within October 2022. Hence, there are expectations that there will be the same increase in October 2023. So, according to analysis from CryptoRank, there are chances of a 400% increase.
Shiba Inu Price Is Showing Positive Signs
- Certain price movements show there’s a chance of a massive bull run for Shiba Inu. At the time of writing, the support levels of this token are within $0.0000071 and $0.0000075. So, this meme coin is currently standing at $$0.0000072.
- If SHIB manages to break through this resistance level, there is a window of an increase to over 400%. Nevertheless, everything will still depend on the price movements of Bitcoin. So, if Bitcoin price performs as expected with a huge increase, then Shiba Inu will increase too.
The Shibarium is Doing Well
- The Shibarium is a layer 2 blockchain, which is part of the plan from their developers to transition to full altcoin. So, since the launch of this network, it is doing very well. The amount of transactions and wallet addresses is on the increase.
- With the recent increase in Shibarium metrics, it will likely affect the price of Shiba Inu. So, the better Shibarium performs in October, the chances of more increase for this meme coin. Data from Shibariumscan shows there are more than 3 million transactions and over 1.25 million wallet addresses in this network.
Conclusion
There are reasons Shiba Inu might see a 400% price surge in October. One is that October is historically a good month for the SHIB token, and the Shibarium is doing quite well. So, this might influence Shiba Inu prices for good. Lastly, the price trajectory of Shiba Inu shows signs of an increase.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
