Will Shiba Inu Price Repeat Its Historical Triple-Digit Surge This October?
SHIB, the second-largest coin, plunged over 8% during Monday’s U.S. market trading hours. The sharp plunge can be attributed to Bitcoin drop below $65,000, with an intraday loss of 3%. With the meme cryptocurrency sector often volatile to new market changes, the Shiba Inu price hints at a potential retest to $x. support. Will the uptober rally sentiment trigger a major reversal?
Is Shiba Inu Price Set for Another Triple-Digit Surge in October?
The Shiba Inu price prediction is anticipated for prolonged recovery in October, showcasing an average return of 283%. While the fourth quarter appears promising for a potential rally, achieving triple-digit gains may be overly optimistic due to SHIB’s extraordinary rally in 2021.
The likelihood of a similar surge is diminished due to waning interest in meme assets and increasing competition, diverting investor attention away from SHIB.
However, the SHIB supply in top addresses remains sidelined at 61%,This sideways movement suggests that major investors are adopting a HOLD strategy.
Additionally, Shiba Inu’s supply on exchanges has seen a notable decrease this year, now standing at $144.4 trillion. This decline indicates reduced selling pressure and further aligns with the outlook for a potential price recovery.
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