As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself intrigued by the impending surge of Shiba Inu (SHIB) this October. The coin’s historic bullish performance during this month combined with the broader crypto market’s optimistic outlook for the same period has me excitedly looking at my portfolio.
Shiba Inu (SHIB) could be about to make history, with investors amassing large quantities of this cryptocurrency over the past few days. Yet, there are troubling signs in its underlying values, which suggest a gloomy outlook for SHIB, often referred to as a meme coin.
Shiba Inu Set For A Historic Run In October
If past trends continue, Shiba Inu might experience a significant surge in value during October, similar to its previous performances. As per CryptoRank’s data, Shiba Inu has consistently seen growth in October throughout its history. Remarkably, during the 2021 bull run, SHIB experienced an astounding increase of 833% in just one October month. More modestly, it saw gains of 10% and 6% in October 2022 and 2023, respectively.
Based on historical trends and current expectations, Shiba Inu may experience substantial growth in October. Additionally, the overall cryptocurrency market this October appears optimistic. Notably, Bitcoin has traditionally seen its highest gains between October and December. It is anticipated that Bitcoin will once again experience a price surge, starting from October onwards.
As such, Shiba Inu’s price will also rally as Bitcoin enjoys an upward trend. Data from the market intelligence platform IntoTheBlock shows that SHIB’s price correlation with BTC is currently at 0.89, which indicates a strong positive price correlation between both assets. This proves that the meme coin will rally as Bitcoin moves to the upside.
Investors of Shiba Inu are now readying themselves for a potentially significant rally, as per data from Cryptoquant. Over the course of September 23rd and 24th, it appears these investors have amassed approximately 770 billion SHIB. This number signifies the amount withdrawn from exchanges during those two days. The act of withdrawing coins suggests that these investors plan to keep their Shiba Inu for a prolonged period.
The increasing tendency among these investors might likewise play a role in the potential rise in Shiba Inu’s price that we may see in October.
Fundamentals Remain A Concern
The essential aspects of Shiba Inu are raising some worries, as they seem to indicate a negative trend for the meme cryptocurrency. Data from the Shiba Inu burn tracker, Shibburn, reveals that the coin’s burning rate has plummeted by more than 90% within the past day. Additionally, there has also been a significant decrease of around 61% in the number of tokens destroyed over the last week.
Insufficient activity on Shibarium’s network could signal a bearish trend in its fundamentals. Observations from the Shibarium explorer indicate that daily transactions on this layer-2 network have been slow and consistently below 10,000. The highest number of transactions recently occurred on September 19 with 11,360, but the following day saw a decline to just 8,000 daily transactions.
The reduced usage of Shibarium has likewise led to a decrease in the rate at which Shiba Inu tokens are destroyed. Since transaction fees on Shibarium typically get converted into SHIB and then burned, the low engagement with this layer-2 network restricts the number of SHIB tokens that can be incinerated.
Currently, the price of Shiba Inu stands approximately at $0.000014, representing a surge of more than 3% within the past 24 hours, as indicated by information from CoinMarketCap.
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2024-09-26 07:16