This month, the Shiba Inu is receiving pessimistic feelings and is presently trading around $0.000007 levels. This stands in sharp contrast to SHIB’s October 2021 boom, during which the token experienced a 1,000% surge in the charts.
This year, the coin with a dog motif is declining and giving investors little to no return. Can SHIB reverse course, nevertheless, and is a breakout of the token imminent? We shall discuss several potential Shiba Inu prospects in October 2023 in this post.
Will Shiba Inus Make a Comeback This Month and Increase by 1,000% Once More?
According to Shiba Inu’s chart, its Money Flow Index (MFI) is at 37.28 and its Relative Strength Index (RSI) is at 43.70. Furthermore, at -0.00, the Chaikin Money Flow (CMF) is presently below the zero line. A negative CMF suggests a vulnerability that might cause liquidity withdrawals.
Shiba Inu’s SHIB Token: Can it Repeat a 1,000% Surge?,Shiba Inu’s SHIB Token: Can it Repeat a 1,000% Surge?
As a result, Shiba Inu may not experience the same 1,000% rise this month as it did in October 2021. In the upcoming weeks, SHIB may struggle to even surge between 10% and 20%.
The token’s price has been moving sideways for about a month, remaining steady around $0.000007. In spite of the introduction of its much-awaited network, the Shibarium lay-2 solution, SHIB was unable to draw in purchasing pressure.
To sum up, there is little likelihood that Shiba Inu’s price will rise this month because none of its initiatives are contributing to the burning of SHIB tokens.
The SHIB ecosystem’s initiatives aren’t causing the token’s value to increase steadily on the charts. like a result, it’s unlikely that the aspirations of making 1,000% returns, like they did two years ago, will ever be realised.
At the time of publication, SHIB’s 24-hour day trade was down roughly 4%, trading at $0.00000693. In addition, SHIB has lost about 92% of its value since October 2021, when it peaked at $0.00008616.
Shiba Inu’s SHIB Token: Can it Repeat a 1,000% Surge?,Shiba Inu’s SHIB Token: Can it Repeat a 1,000% Surge?,Shiba Inu’s SHIB Token: Can it Repeat a 1,000% Surge?, SHIB coin Crypto news, SHIB coin News