Shiba Inu has seen a recent uptrend in its price after experiencing losses in the second and third quarters of the year. This recovery going into October has sparked high expectations for the meme coin, especially in the fourth quarter, with predictions that its price could more than double. Based on historical data, this report explores the reasons behind these optimistic expectations for the Shiba Inu price in the last quarter of 2024.
Historically, September has marked the beginning of the most bullish quarter of the year for Shiba Inu. This trend is particularly evident in the month of October, which has never ended with a decrease in price for the meme coin. If this pattern holds true, the SHIB price may continue to rise in the coming weeks.
Data from the CryptoRank website reveals that the average return for Shiba Inu in the month of October has been +283.4%. If this average return is achieved again this year, it could mean that the Shiba Inu price could triple by the end of October, reaching approximately $0.00006. Furthermore, if the recovery continues as expected throughout the remainder of the year, the meme coin’s price could potentially reach a new all-time high.
It is worth noting that the last time SHIB ended September in the green was in 2021, and in the following October, its price increased by 833% in just one month. Now, with 2024 poised to be the first year in three years that SHIB concludes September with a positive performance, there is the possibility of a similar upward trend leading to a new all-time high.
However, while the crypto market generally experiences favorable conditions in the fourth quarter, it hasn’t been particularly favorable for the Shiba Inu price after October. According to CryptoRank, the average returns for November and December have been negative, with -15.9% and -6.12% respectively.
This may indicate a suitable time for investors to consider selling their Shiba Inu holdings. If this trend persists, October could be an opportune moment to exit the altcoin and potentially re-enter the market in December. However, if the upward trend of Bitcoin continues towards the end of the year, it could contribute to a rise in the SHIB price going into the new year.
Overall, there are high hopes for Shiba Inu’s price in the fourth quarter, particularly in October, based on historical data. Nevertheless, investors should also consider the negative average returns in November and December before making any decisions.