Early in October, there was a sharp increase in the value of the whole cryptocurrency market. Similarly, the Shiba Inu token had a pullback to return to lower levels. However, current data indicates that Shiba Inus have a 400% probability of experiencing a huge pump this month.
Here are a few arguments in favour of this assertion. Please take note that these are only our thoughts before we proceed, and before making any financial decisions, always conduct your own research. Let’s move!
1. A good month for Shiba Inus is October.
October’s strong historical performance is one of the main reasons Shiba Inus have a 400% probability of seeing a price increase. Thus, the historical data is one component of basic analysis.
Three Reasons Why October Shiba Inu Jumps to 400%.,Three Reasons Why October Shiba Inu Jumps to 400%.
Data indicates that the price of Shiba Inus always rises dramatically in October. Thus, in October 2021, there was a remarkable display of strength that saw a rise of almost 800% and ultimately led to the all-time high.
In 2022, the identical incident took place. Everyone in the cryptocurrency sector is aware that 2022 was among the worst years ever for the sector. Thus, by October 2022, Shiba Inu was able to achieve a double-digit growth.
Therefore, it is anticipated that October 2023 would see the similar rise. Thus, based on CryptoRank’s study, there is a 400% possibility of a rise.
2. Positive Indications Regarding Shiba Inu Price
Certain price changes indicate that there may be a significant bull run for Shiba Inus. As of this writing, this token’s support levels fall between $0.0000071 and $0.0000075. Thus, the current value of this meme currency is $$0.0000072.
There is a chance for SHIB to rise to above 400% if it can overcome this resistance level. All of this will still be dependent on changes in the price of bitcoin, though. Therefore, Shiba Inu will rise as well if the price of Bitcoin performs as predicted and rises significantly.
3. Shibarium’s Performance Is Good
A layer 2 blockchain called Shibarium is a component of the creators’ aim to move to a complete altcoin. Consequently, this network has performed well since its inception. Both the quantity of transactions and wallet addresses is rising.
The pricing of Shiba Inus will probably be impacted by the recent rise in Shibarium metrics. Therefore, the more Shibarium does well in October, the more likely it is that this meme coin will rise. There are more than 1.25 million wallet addresses and over 3 million transactions in this network, according to data from Shibariumscan.
Three Reasons Why October Shiba Inu Jumps to 400%.,Three Reasons Why October Shiba Inu Jumps to 400%.Three Reasons Why October Shiba Inu Jumps to 400%.