While Uptober has yet to deliver on its promise for most assets in the cryptocurrency market, it appears that it has already begun for Shiba Inu (SHIB), as evidenced by its surge that has seen it rise above 10% in just 24 hours. making him the second best daily performer.
Indeed, Shiba Inu stock jumped to $0.00001749, up 10.06% on the day, trimming its week-over-week loss to 13.36% and adding to that with a 34.23% gain for the month, leaving many to wonder what is behind this sudden and significant increase. changes and whether these gains will continue.
On top of this, SHIB has increased its market capitalization by a staggering $1 billion in the last 24 hours, taking its total market capitalization from $9.31 billion the day before to the current $10.31 billion, also representing an increase of 10.74%. , according to the latest data as of October 4.
Why is the Shiba Inu growing?
Notably, one of the reasons could be that SHIB performed well in October in terms of bar none monthly returns, including an 833.6% surge in 2021, a 10.4% surge in October 2022, and growth of 6.04% in October 2023. , How CryptoRank the data shows.
In addition to a traditionally positive October, the SHIB development team has recently implemented a number of updates to the meme token ecosystem and expects to launch a revolutionary version soon. “Shib Metaverse” as Marketing Manager Lucy highlighted on September 29th.
Technical analysis of SHIB prices
However, it is not only related developments that support SHIB. According to Elliott and Fibonacci wave analysis conducted by a crypto expert. BigMike7335, The Shiba Inu’s corrective phase appears to be coming to an end with a potential breakout that could push its price to around $0.00002378 over the next three to six months.
All things considered, SHIB’s recent rally is no small feat, and numerous indicators suggest it could continue, at least in the near future. However, trends in the cryptocurrency market can easily change, so it is imperative that you do your own research and stay up to date with any SHIB news when investing.
