The Potential for a Shiba Inu Rally
Like other cryptocurrencies, the Shiba Inu price experienced an uptrend at the beginning of the week before correcting downwards on Tuesday morning. However, this decline may indicate that the meme coin is gearing up for another rally that could see it rise more than 400%. Here are a few reasons why.
The Blessings Of October
One reason to believe in a massive surge this month is the historical performance of Shiba Inu in October. In October 2021, the price rose over 800%, leading to its all-time high. Even in October 2022, amidst a bearish market, the altcoin saw a double-digit increase. Based on these figures, analytics platform CryptoRank predicts that the Shiba Inu price could rise over 400% this month if it follows its historical pattern.
Shibarium Continues To Grow
Shibarium, the Shiba Inu Layer 2 blockchain built on Ethereum, has achieved significant milestones since its launch in August. The network has now surpassed 3 million transactions and has over 1.25 million wallet addresses. Additionally, it is approaching 1 million total blocks produced. These metrics indicate a growing adoption rate, which could have a significant impact on the Shiba Inu price. As SHIB serves as the governance token of Shibarium, participants interested in governance will need Shiba Inu tokens, increasing demand for them.
A Promising Outlook
The overall sentiment in the crypto market is improving, as shown by the Fear & Greed Index moving towards neutral territory. Shiba Inu tends to follow Bitcoin’s trajectory, and if there is a recovery in Bitcoin’s price, it could push Shiba Inu above $0.000008.
As of now, SHIB is valued at $0.000007279, experiencing a 3.33% decrease in the last day. With a market cap of $4.2 billion, it currently ranks as the 18th largest cryptocurrency in the industry.
Hot Take: Shiba Inu’s Potential for a 400% Rally
Despite the recent correction in the Shiba Inu price, there are several factors that suggest a potential rally on the horizon. October has historically been a strong month for Shiba Inu, with significant price increases in previous years. Additionally, the growth of Shibarium and its increasing adoption rate could drive up demand for Shiba Inu tokens. With positive sentiment in the overall crypto market, there is optimism for Shiba Inu’s future performance. Keep an eye on this meme coin as it may have the potential to surge more than 400% in the coming weeks.
By
By
By
By
By