SHIB is a popular meme currency. Although the market has encountered many challenges recently, its price is still generally optimistic that it will continue to rise. It has shown significant progress in the memecoin field and demonstrated strong growth momentum. This trend has undoubtedly brought good news to SHIB investors, because the first signs of a market rebound have quietly emerged.
Meanwhile, Bitcoin is poised for a possible surge in the fourth quarter of 2024. Recently, Bitcoin prices have risen by about 2% and are currently trading at around $61,000. As the leader of the cryptocurrency market, Bitcoin's performance is expected to lay a solid foundation for the gains of the entire crypto market, including the highly anticipated SHIB.
I am closely following the trend of Bitcoin, hoping that it can lead the market to a sharp rebound. In this context, SHIB, as a highly-watched meme coin, is undoubtedly worth investors' expectations for its future performance. As signs of a market rebound gradually emerge, SHIB investors are expected to reap a lot of benefits in this wave of market conditions.
Will SHIB price hit 2021 high in October? My two analysis!
1. SHIB's historical price and this rebound
1. Looking back at history, SHIB reached a peak of $0.00008845 in late October 2021, but later experienced a pullback. However, this does not mean that there is no hope for SHIB's future. What I think is that if Bitcoin can continue to rise, then this rally is likely to help SHIB re-impact and break through previous highs.
2. SHI needs to rise 435% to return to its 2021 high. The recent big rebound in September brought hope to everyone. The value almost doubled, soaring 420%. With the current rebound, I personally think SHIB will repeat this performance.
2. The SHIB ecosystem is bustling
1.The SHIB ecosystem is experiencing a lot of activity, which has a significant impact on its market performance. The launch of a dedicated SHIB game has sparked interest in the community. This move is part of a broader strategy to increase the utility and visibility of the token. Recent data shows a significant increase in the token burn rate, indicating a bullish price outlook for SHIB. This strategic burn is designed to reduce the overall supply, which could push up the value of the token.
2. I discovered significant market moves attributed to prominent crypto whales. These individual transactions have come into focus due to their potential impact on the price of meme coins like SHIB and Pepe.
