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The popular meme-inspired cryptocurrency Shiba Inu (SHIB) has an interesting deadline this October, as the price history of SHIB promised an increase of at least 200% up to 283%, but until Oct. 14 we only saw a gain of 2.67%.
Thus, according to the price history of the Shiba Inu token presented by CryptoRank, the historical return for the second largest asset in the meme coin sector of the crypto market in October is 213.2%. Most of this result can be attributed to October 2021, when the price of SHIB soared 833.6% in that month.
Arman ShirinyanHowever, an even more adjusted median shows a return of 8.21% for the Shiba Inu token in the 10th month of the year.
Basically, October is usually a green month for the popular meme cryptocurrency, but the results shown do not usually prove the price history. In 2022 and 2023, the price of the Shiba Inu token also increased, but only by 10.4% and 6.04%, respectively.
Shiba Inu (SHIB): Price outlook
Whether this time will be as fruitful as it was for SHIB three years ago remains to be seen.
For now, the meme-inspired token is trading at over $0.000018 per SHIB. After a two-week price drop that saw SHIB fall by around 10%, the new week started with a 2.5% gain, which, while not much for the 13th largest cryptocurrency, has managed to reignite the discussion about how beneficial October usually is for the Shiba Inu token.
Tomiwabold OlajideWith two weeks to go, the question is whether SHIB will be able to surprise the market once again and deliver a 200% performance.
Arman Shirinyan
Alex Dovbnya
Dan Burgin