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Cryptocurrency News Articles
Shiba Inu (SHIB) May Be Gearing Up for a Significant Price Surge This October, With Historical Data Indicating a Potential 283% Increase
Sep 25, 2024 at 11:01 am
Investors are watching closely as the meme-based cryptocurrency enters what could be another fruitful 'Uptober.'
Meme-based cryptocurrency Shiba Inu (SHIB) may be preparing for a substantial price surge this October, as historical data suggests a potential 283% increase. Investors are keeping a close watch as the cryptocurrency enters what could be another fruitful ‘Uptober.’
Shiba Inu’s ‘Uptober’ Potential: A 283% Price Boom?
Shiba Inu (SHIB), a popular meme cryptocurrency, is about to enter a month that could be historic for the token. Price data suggests that SHIB may be set for a 283% price increase this October.
Shiba Inu’s October Track Record
According to data from CryptoRank, the Shiba Inu cryptocurrency (SHIB) has seen an average price return of 283.4% in October, while the median return stands at 10.4%.
Now, while the latter is the more adjusted measure, the price of the second most popular meme cryptocurrency has seen periods in its history where it exploded triple digits in price over thirty days.
Could SHIB Repeat Its 2020 Performance?
But the main reason for this is because the price of the Shiba Inu token went up by 833.6% in October three years ago when the token first entered the crypto market, despite being over six months old at the time of its creation.
However, as U.Today further explains, the power of an average cannot be completely dismissed.
Why SHIB Investors Are Watching ‘Uptober’
SHIB investors will be watching this October closely, especially considering that the token has seen positive price returns in the month for three consecutive years now.
While 2022 and 2023 saw more modest gains, with SHIB’s price increasing by 10.4% and 6.04%, respectively, those were still positive returns in a year where most cryptocurrencies lost value. 2020, on the other hand, saw the token explode by an average of 10.4%. A true “Uptober,” indeed.
With that being said, the world is still waiting to see what will happen this time around, as making solid predictions about the cryptocurrency market is usually a bad idea. However, October has been a good month for SHIB three times in a row now, so maybe this year will continue the trend.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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