As October approaches, Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, may be on the verge of an epic price spike, and the SHIB community is abuzz with excitement.
According to price history data from CryptoRank, projections indicate that SHIB could see a staggering tripling of its price in the coming month, a statistic rooted in historical averages that reveal an impressive return of 283.4% for this time of year, complemented by a median return of over 10%.
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So, the reality remains that the second largest meme cryptocurrency has historically seen price gains within a 30-day span of October.
"Uptober" and Shiba Inu (SHIB) story
This month is popularly known as "Uptober" and has a reputation for potential positive price movements in the space, and the past behavior of Shiba Inu supports this opinion.
Looking back three years ago, when SHIB first made it into the crypto spotlight, October saw the token surge by 833% despite being six months old already. While the next months were less spectacular, they still ended on a positive note, with the meme coin rising in Octobers of 2022 and 2023.
Price History of Shiba Inu (SHIB) by CryptoRank
Given these historical precedents, it is an intriguing question: Will October 2024 follow suit? As is often the case in crypto, making predictions is tricky. But the last three Octobers were good for SHIB, and community enthusiasts have the right to wonder if this year will be another proof of the norm.
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If the anticipated price surge happens, projections suggest that SHIB could reach an impressive high of $0.000075, a price point that has not been seen since those thrilling early days.
