Shiba Inu has experienced a recent uptrend, bouncing back after facing losses in the second and third quarters of the year. This resurgence is setting the stage for high expectations surrounding the meme coin, particularly in Q4, with projections indicating that the altcoin’s price may double or even surpass previous records. By analyzing historical data, we can gain insights into why the Shiba Inu price is poised for a strong performance in the final quarter of 2024.
The Most Promising Month for Shiba Inu in 2024
Based on historical data, the conclusion of September marks the beginning of what could be the most bullish quarter for Shiba Inu in 2024. October, in particular, has consistently proven to be a fruitful month for the meme coin, with a track record of never ending in the red. If this trend persists, we can anticipate further growth in the SHIB price.
According to data from CryptoRank, the average return for Shiba Inu in October has been an impressive +283.4%. This statistic suggests that the Shiba Inu price might triple by the conclusion of October, potentially reaching the $0.00006 level for the month.
Furthermore, if the ongoing recovery momentum continues as anticipated through the remainder of the year, Shiba Inu’s price could soar to a new all-time high before the year is out.
In a noteworthy observation, the last time SHIB closed September in positive territory was back in 2021, leading to an astounding 833% surge in October of the same year. With September 2024 also signaling a positive end, a repeat of the 2021 trend could propel SHIB to new heights.
Looking Ahead: Will Q4 Culminate in Gains or Losses?
While the cryptocurrency market typically experiences a positive shift in Q4, the outlook for Shiba Inu post-October has been less favorable historically. According to CryptoRank data, the average returns for November and December have been negative at -15.9% and -6.12%, respectively.
These statistics may raise concerns for Shiba Inu’s price performance and could indicate a strategic moment for investors to consider selling. Should this trend persist, transitioning out of the altcoin in October and re-entering in December might be a prudent move. However, continued upward momentum in Bitcoin leading into the year-end could potentially drive SHIB price appreciation heading into the new year.
Image credits: Featured image created with Dall.E, chart sourced from TradingView.com
