Shiba Inu Analysis: Is a 351% Surge Feasible for SHIB?

By Juan Pablo Duran - October 5, 20242222 1

Shiba Inu price is trading at the time of writing at 0.00001733 USD, with daily gains of 0.1% and weekly losses of 13.01%.

The month of October, also known as “Uptober” does not show the returns that are usually expected for this month, at least so far.

Although in the last session SHIB showed a daily increase of up to 10% and added up to 1 billion dollars to its market capitalization. But later it corrected to the current levels.

Even though October doesn't live up to its hype, SHIB does have a good track record of returns, as it has delivered solid returns of up to 833.6% in October 2021 (for example).

There are currently other factors that are bullish, such as the Shiba Inu burn, which presented a significant figure last September: 2.3 billion SHIB tokens were burned in September. This resulted in a 250% increase, compared to the number of tokens burned in August.

These factors are positive and should push the price up, however, Bitcoin is in a strong effort to maintain the $60,000 level, which does not allow for much upside.Binance #BinanceTurns7 Blockchain Week,