3 Reasons Why Shiba Inu Price Might See A Massive Surge Over 400%

2023-10-4 00:00

Just like the rest of the crypto market, the Shiba Inu price saw an uptrend at the start of the week before correcting back downward on Tuesday morning. However, this decline may point to the meme coin gearing up for another rally that could see it rise more than 400% and there are reasons why.

The Blessings Of October

One of the first reasons that suggests a massive surge this month is how the asset has performed historically in the month of October. Looking back at previous years, the Shiba Inu price had shown incredible strength in October 2021 rising over 800%, which eventually led to its all-time high.

Then in October 2022, the altcoin marked a double-digit rise even amid the start of a very bearish market. Although this was much smaller than its 2021 figures, it was significant nonetheless and registered October as a bullish month for the altcoin. Going by the average of both of these figures, analytics platform CryptoRank posits that the Shiba Inu price could rise over 400% this month if it sticks to its historical performance.

Shibarium Continues To Grow

The Shiba Inu Layer 2 blockchain, Shibarium, built atop the Ethereum network debuted in August. Following this, there have been some notable milestones for the network. One of these is the total number of transactions that have been carried out.

Data from ShibariumScan shows that the network has now crossed 3 million transactions. Additionally, wallet addresses on the network are now more than 1.25 million. The total blocks produced are also inching closer to the 1 million mark with each passing day.

These metrics point to a growing rate of adoption which could significantly impact the Shiba Inu price. This is because SHIB serves as the governance token of Shibarium and participants who want to be involved in governance will need Shiba Inu tokens to do so, increasing demand.

Shiba Inu Price Trajectory

The Shiba Inu price has traded in a tight range between $0.0000071-$0.0000075, which suggests that the meme coin is finally finding a bottom. As a result, it could see a recovery using this point as a launch point and re-testing the resistance at $0.0000075.

If this resistance falls and bulls take control, it will be smooth sailing for Shiba Inu. Add in the recovering crypto market sentiment as shown by the Fear & Greed Index moving up into neutral. Shiba Inu will naturally follow the trajectory of Bitcoin and such a recovery would take it above $0.000008.

At the time of writing, SHIB is sitting at $0.000007279 after falling 3.33% in the last day. Its market cap of $4.2 billion makes it the 18-largest cryptocurrency in the industry.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

reasons see inu shiba price meme coin

Источник: newsbtc.com

reasons see → Результатов: 103


Good news for the NFT Ecosystem

As NFT sales expand beyond Ethereum, we can see the first signs of the NFT space maturing because of the growth of alternative NFT blockchains. This will help the adoption and long term survival of this ecosystem Ethereum: Imperfect by design? The primary reasons people despise the Ethereum blockchain for NFT transactions include the followings; […] The post Good news for the NFT Ecosystem appeared first on NFT News Today.

2022-4-9 08:21


“Eventually,” A Digital Dollar Could Be Issued But Fed Is Still A “Long Way” From Deciding On It, Says A US Central Bank Official

Dallas Federal Reserve Robert Kaplan said the US central bank could see it eventually issuing its own digital currency, calling it the “last mile” in the digitization of the payment system. “I would imagine in the years ahead — it's something the Fed is actively working on now — and I can see reasons why […] The post “Eventually,” A Digital Dollar Could Be Issued But Fed Is Still A “Long Way” From Deciding On It, Says A US Central Bank Official first appeared on BitcoinExchangeGuide.

2021-8-22 17:38


Фото:

DApp Distribution: Ethereum Losing New DApps To Polygon, BSC

The second-largest cryptocurrency network Ethereum is beginning to lose the DApp war for relevance and it’s not so hard to see why. Crowded platform Higher gas and processing fees These are the two biggest reasons newly-built Decentralized applications are ditching the busiest blockchain network for newer and cheaper alternatives. Ethereum is Losing The Number Game […]

2021-7-6 19:37


Фото:

The Simple Reasons Why This Trader is Cautious of Ethereum

Ethereum, like Bitcoin, is currently trading at the lower boundary of its long-established trading range The cryptocurrency does appear to be positioned to see a breakdown below this range, but whether or not this takes place will likely depend on Bitcoin One analyst is now growing increasingly cautious on ETH, explaining that massive spikes in miner outflows for the cryptocurrency signal that a large drop could be imminent This also comes as the China-based PlusToken […]

2020-6-27 23:00


Фото:

Waning Demand for Bitcoin Spells Trouble for Where it Goes Next

Bitcoin saw a slight decline overnight that caused it to invalidate some of the strength that was previously guiding it towards $10,000 It now appears that the crypto is positioned to see further downside as its technical outlook degrades Analysts are pointing to waning demand and growing supply as reasons why the benchmark crypto could soon decline lower It is important to note that this decline could lead BTC as low as the $7,000 region […]

2020-6-6 21:00


Фото:

These Simple Factors Suggest Bitcoin Could See a Sharp and Swift Recovery

Bitcoin saw a sharp and unexpected decline yesterday evening that led the crypto to shed over $20 billion from its market cap This decline came close on the heels of the multiple rejections that BTC has witnessed around the $10,000 region Despite the overt bearishness of this movement, analysts are noting that there are still some simple reasons why the cryptocurrency could see a swift recovery Bitcoin’s sharp overnight plunge led it to decline to […]

2020-5-10 19:00


Analyst 4 Reasons Why Bitcoin Is Looking Extremely Bullish at $9,000

Despite the slight recovery seen over the past few days, analysts still fear that Bitcoin is on a trajectory that will see its price correct even further than it already has. In fact, Related Reading: Crypto Tidbits: India Makes Watershed Ruling On Bitcoin, Elon Musk Bumps Dogecoin, Ethereum Founder Supports Twitter CEO Some, however, aren’t...

2020-3-8 03:30


May 2020 Will See Bitcoin Become Major Competitor to World Currencies: Economist

Over the past decades, central banks like the Federal Reserve have failed to keep inflation rates stable. Bitcoin may benefit from this trend. After the cryptocurrency’s upcoming halving, after which the coin will have “economically indisputable reasons” to become a legitimately competitive store of value versus other world currencies.

2020-1-24 21:00


3 Reasons NY Giants Fans Shouldn’t Panic After Patriots’ Smackdown

Thursday evening was a tough night to be a New York Giants fan after a defensive masterclass by the New England Patriots’ league-leading defense. Rookie quarterback Daniel Jones’ euphoric start to his career against Tampa Bay sent expectations through the roof only to see them now coming back down to earth with a bump after […] The post 3 Reasons NY Giants Fans Shouldn’t Panic After Patriots’ Smackdown appeared first on CCN.com

2019-10-13 01:50


Understanding PLONK

Special thanks to Justin Drake, Karl Floersch, Hsiao-wei Wang, Barry Whitehat, Dankrad Feist, Kobi Gurkan and Zac Williamson for review Very recently, Ariel Gabizon, Zac Williamson and Oana Ciobotaru announced a new general-purpose zero-knowledge proof scheme called PLONK, standing for the unwieldy quasi-backronym “Permutations over Lagrange-bases for Oecumenical Noninteractive arguments of Knowledge”.

2019-9-24 04:03


Фото:

Op Ed: Debunking Bitcoin Myths: ‘It’s a Ponzi Scheme’

The accusation that bitcoin is nothing more than a Ponzi scheme is perhaps the oldest, longest-standing criticism of the digital bearer asset. The basic idea is that there is nothing of value here and the entire purpose of bitcoin’s existence is to enrich Satoshi Nakamoto and the speculators who bought in for a few pennies or dollars in the early days by tricking others into buying in at a higher price.

2019-6-4 19:03


дальше еще 54 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto Analyst Predicts 3,000% Surge For Shiba Inu – Here’s The Timeline

Crypto analyst Davie Satoshi has dropped a bullish prediction for Shiba Inu as part of what might be the future outlook for major meme coins. According to the analyst, SHIB is one of the meme coins with the potential to go on a 1,000% to 3,000% price surge amidst a flurry of cryptocurrencies in the […]

Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target

Crypto analyst Crypto Dona has predicted a 350% price surge for Shiba Inu (SHIB). He suggested that the meme coin will unlikely go higher than that in this bull run.   Shiba Inu To Rise To $0. 00011 Crypto Dona revealed in an X (formerly Twitter) post that his price target for Shiba Inu is $0.