Based on historical price performance data, Shiba Inu (SHIB) has been projected to surge by 422% in October.
Shiba Inu has continued to face a tough challenge from crypto bears who are preventing the asset from overstepping the $0.00008 price point. Notably, the $0.00008 resistance level has been retested severally in the past weeks with no successful breakout.
But looking at the historical October price performance of Shiba Inu, the canine-themed token could surpass this psychological barrier. In particular, SHIB has been primed for a possible rally — to the tune of 422% — in the coming weeks.
SHIB October Price Returns
This forecast comes as the crypto market has always been bullish every October with several assets including SHIB often posting multi-digit gains during this period.
Data on CryptoRank further corroborates these claims, showing that Shiba Inu’s highest monthly return and all-time high was recorded in October.
As reflected on the top crypto analytical platform CryptoRank, SHIB surged by an astounding 822% in October 2021. This triple-digit percentage increase resulted in SHIB’s all-time high of $0.00008845, which left tons of investors in massive profits.
Likewise, the second-largest meme token by market capitalization appreciated by 10.4% in October 2022 after dropping by 6.43% in September 2022.
CryptoRank Predicts 442% Rally For Shiba Inu
Taking this historical price performance into consideration, the popular crypto analysis platform sees a bright October for Shiba Inu. In particular, CryptoRank estimates that SHIB could see a 422% price gain this month.
This means that the canine-themed token could eclipse a potential value of $0.0000307 from its current price of $0.00000728 at the time of writing. While this prediction may look appealing to some investors, it is important to note that it is mere speculation as past performance does not guarantee future outcomes.
Notably, investor interest in SHIB and BONE has remained high following the launch of the Shiba Inu layer-2 scaling solution Shibarium in September. This culminated in the renunciation of the Bone Shibaswap token contract, which elicited speculations that BONE could score a listing on top crypto exchanges including Binance.
With more of these positive developments in the project ecosystem, including heavy SHIB burns and investment, Shiba Inu could stage the predicted 422% rally.