Shiba Inu has started showing positive signs after facing losses in the second and third quarters of 2024. As we approach October, historical data suggests that the meme coin might experience a substantial increase in its price.
Shiba Inu Price Expected to Surge in October
October has been a historically strong month for Shiba Inu based on past performance. Data shows that this month has consistently brought gains for the coin. According to CryptoRank, SHIB has never ended October in the red, making it one of the most favorable months for the cryptocurrency. The coinâs price could follow a similar trend this year, potentially leading to a notable increase in value.
Shiba Inu Monthly Price Performance. Source: CryptoRank
In 2021, Shiba Inu saw its price surge by 833% in October, the largest increase recorded in a single month for the meme coin. With 2024 being the first year since then that SHIB is entering October with positive momentum, some anticipate another significant price movement.
Historical Data Shows Average Return of 283.4% in October
Moreover, data from CryptoRank highlights that SHIBâs average return for the month of October has been +283.4%. This figure supports the idea that the coin could experience a similar rise this year. Although past performance is not a guarantee of future results, the consistent gains in previous Octobers provide a data-driven foundation for optimism.
If Shiba Inu follows the pattern of previous years, the price could rise to the $0.00006 level by the end of the month. This would represent a significant recovery from its earlier losses this year. The general market performance, especially led by Bitcoin, may also influence how far SHIB can go in Q4 2024.
Potential Decline After October Based on Historical Trends
While October tends to be a strong month for SHIB, the following months have not always shown the same trend. According to CryptoRank, the average returns for November and December are -15.9% and -6.12%, respectively. This data suggests that investors may want to watch for potential declines in the final months of the year.
In 2021, after a large increase in October, Shiba Inu subsequently faced a decline in the following months. Conversely, although the coin might perform well in October, the data indicates that November and December tend to be more challenging for SHIB.
Shiba Inu Price Movement on Binance†Source: TradingView
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