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Shiba Inu (SHIB) may be gearing up for a significant price surge this October, with historical data indicating a potential 283% increase. Investors are watching closely as the meme-based cryptocurrency enters what could be another fruitful 'Uptober.'
Shiba Inu's 'Uptober' Potential: A 283% Price Boom?
Shiba Inu (SHIB), a popular cryptocurrency based on memes, is about to experience what could be a historic month. The token's price has the potential to climb by 283% next October, according to price history.
Shiba Inu's October Track Record
The Shiba Inu cryptocurrency (SHIB) is expected to see a price increase of about 100% in October, according to data from CryptoRank. Reason being, this month's returns average 283.4% while the median is 10.4%.
It is true that the latter is a more adjusted measure; nonetheless, the price of the second most popular meme cryptocurrency has seen periods in its history in which it exploded by a percentage that was in the triple digits over the course of thirty days.
Could SHIB Repeat Its 2020 Performance?
Further explanation is provided by U.Today, which states that it is impossible to entirely dismiss the power of an average.
But the main reason for this is because the Shiba Inu token's price soared by 833.6% in October three years ago, when it initially showed up on the crypto market's radar, even though it had been more than six months since its formation.
Why SHIB Investors Are Watching 'Uptober'
Even while the following ten months weren't exactly delicious, they did conclude on a nice note. So, SHIB's price increased by 10.4% in 2022 and 6.04% the following year. An authentic "Uptober," indeed.
Since making firm predictions about the cryptocurrency market is usually a bad idea, the world's future is shrouded in uncertainty about what will happen this time around. However, October has been a successful month for SHIB three times in a row, so perhaps this year will continue the trend.
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