Shiba Inu has recently been on an uptrend after enduring significant losses during the second and third quarters of the year. This recovery heading into the new month aligns with high expectations for the meme coin, particularly as Q4 approaches, when its price is projected to more than double. This report delves into why expectations for Shiba Inu’s price are heightened as we enter the last quarter of 2024, based on historical data.
According to historical performance, the end of September signals the start of the most bullish quarter of the year for Shiba Inu. This trend is especially prominent in October, a month during which the meme coin has never concluded in the red. If this historical pattern continues, Shiba Inu’s price could keep climbing.
Data from the CryptoRank website indicates that Shiba Inu has historically seen an average return of +283.4% in October. This suggests that the coin’s price could potentially triple by the end of the month. Such an increase would place SHIB’s price around the $0.00006 mark. If this recovery extends through the end of the year, as anticipated, Shiba Inu could achieve a new all-time high before 2024 concludes.
The last instance of Shiba Inu closing September in the green was in 2021, which was followed by an 833% surge in October. With 2024 poised to be the first in three years where SHIB ends September positively, a repeat of this trend could propel the coin towards a new all-time high.
However, while Q4 has typically been favorable for the broader crypto market, Shiba Inu has not maintained positive momentum beyond October. CryptoRank’s data shows average returns for November and December being negative, with -15.9% and -6.12%, respectively. This historical trend suggests a possible window for investors to sell in October and re-enter in December. Nevertheless, if Bitcoin continues its uptrend into the end of the year, it could buoy Shiba Inu’s price into the new year.
Shiba Inu’s price is currently holding within a tight range, reflecting cautious optimism among investors. Whether Q4 will end in green or red remains to be seen, but the initial signs are encouraging for Shiba Inu enthusiasts.
