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Cryptocurrency Shiba Inu (SHIB) may be written off by some crypto enthusiasts, but it remains the biggest meme coin in the Ethereum ecosystem, with its lore tied directly to Vitalik Buterin.
October, however, was a ruthless period for SHIB: for the first time in a long while, its price broke below the important psychological level of $0.00001 per coin, adding that nasty new zero to its quotes. The drop did not last long, but the damage was already done, and now the entire setup for the Shiba Inu coin can be characterized as fragile.
Unfortunately, those who believe that SHIB’s quick recovery above the $0.00001 mark is enough to keep the meme coin safe from further declines may soon face a harsh reality check. At least that is what the coin’s price history suggests going into November.
According to data from CryptoRank, the average return for SHIB in this month stands at 0.26%, which may seem optimistic under current market conditions. But a deeper look reveals an uglier picture: the median return, a more reliable metric, comes in at -9.1% over the last four years.
Outstanding performance for SHIB
In 2021 and 2022, SHIB lost an average of 27% in November. Conversely, in 2023 and 2024, the price surged by an average of 27%. Still, the latter was imbalanced by 2024’s exceptional 48.8% gain, making it more of an outlier than a dependable trend.
Of course, price history is never something to rely on completely — as is the case with everything in the crypto market. Yet in the absence of stronger benchmarks, it can still provide useful context as to what to expect from the asset during a period dominated by fear, uncertainty and doubt.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team