Shiba Inu (SHIB) Price is gearing up for a potential surge in Oct., with historical trends and current market conditions aligning for a strong performance. Investors have been steadily accumulating SHIB, while its close price correlation with Bitcoin further fuels optimism for a rally.
Historical Patterns Suggest a Potential SHIB Rally in October
Shiba Inuâs price has historically seen impressive gains in Oct. According to CryptoRank, SHIB skyrocketed by 833% during the 2021 bull run. In Oct. 2022 and 2023, the meme coin posted modest returns of 10% and 6%, respectively.
With Bitcoin historically rallying between Oct. and Dec., SHIBâs price could follow a similar trajectory this month.
SHIBâs strong correlation with Bitcoin, currently at 0.88 according to IntoTheBlock, further boosts expectations of an upward move. Bitcoin has historically performed best between Oct. and Dec., and with SHIB closely following Bitcoinâs price action, a similar rally could be in the works.
Price Correlation Between Shiba Inu and Bitcoin Over the Last Month. Source: CoinMarketCap
Data from CoinMarketCap confirms that Shiba Inu has followed Bitcoinâs movements over the past month. Bitcoin trades at around $63,624 after a 10% rise last week. Shiba Inu, mirroring Bitcoinâs upward trend, is trading at $0.00001521, reflecting a 12.4% increase over the past seven days.
If Bitcoin continues to rise, SHIB could potentially see further gains.
Shiba Inu (SHIb) Coin price chart. Source: CoinGecko
As of writing, Shiba Inuâs price trades at approximately $0.000016, which is up 10% over the past 24 hours, with a market cap just shy of $9 billion, according to CoinGecko.
Investors Pile into Shiba Inu Despite Bearish Signals
CryptoQuant data shows 770 billion SHIB were removed from exchanges between Sept. 23 and 24, which could signal long-term holding plans. The amount of SHIB on exchanges is also at a seven-month low of 143 trillion tokens on Sept. 25.
Shiba Inu Exchange Reserve. Source: CryptoQuant
Despite the bullish outlook, Shiba Inuâs fundamentals show some bearish signs. Shibburn data reveals a 90% drop in SHIBâs burn rate over the past 24 hours and a 61% decrease in tokens burned over the past week.
The SHIB burn rate dropped nearly 90% in the last 24 hours. Credit: Shibburn/X
Additionally, activity on Shibarium, the projectâs layer-2 network, remains low. Daily transactions on Shibarium dropped below 10,000, with only 8,000 transactions recorded on Sept. 25, following a short-lived spike the previous day.
The coming weeks will be crucial for SHIBâs price action, as its fundamentals clash with bullish sentiment and investor accumulation.
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