Shiba Inu (SHIB) appears to be recovering from its slump. The dog-themed cryptocurrency is up 1% on the daily chart, 4.6% on the weekly chart, and 10% on the 14-day chart. It is up 38% over the last month and nearly 160% since October 2023.

Why do Shiba Inus gather together?

SHIB’s recovery could be due to Bitcoin (BTC) retaking the $67,000 level and the global market capitalization rising to $2.42 trillion.

October has historically been a bullish month for the cryptocurrency industry, and the current market movement follows this historical trend.

The market rally, including SHIB, could also be due to the approaching US election. Many expect Donald Trump to return to the White House after a four-year absence. Trump's victory could lead to a market-wide rally in the cryptocurrency industry. Investors may have entered the market before the election.

Will the Dog-Themed Memecoin Rise 100%?

According to CoinCodex, Shiba Inu (SHIB) could surge to $0.00003799 later this week, on October 20, 2024. Reaching $0.00003799 from current price levels would represent an upside of about 107%. CoinCodex does not expect SHIB’s price to remain above $0.00003 and expects it to pull back to around current levels by the end of the month.

Changelly analysts are slightly more optimistic about SHIB than CoinCodex. The platform predicts that SHIB will be traded at $0.00003858 on October 20, 2024. Like CoinCodex, Changelly does not expect SHIB’s price to remain constant and predicts a correction to current levels by early November.

Given that Bitcoin (BTC) continues its upward trend and Trump’s victory in the upcoming presidential election, it is possible that Shiba Inu (SHIB) will continue to rise.