- Santiment said the price hike for Shiba Inu is being fueled by increased on-chain activity.
- SHIB experienced a significant price increase in October 2021, but is still below its previous high.
- SHIB’s future price movements are uncertain and may be influenced by a variety of factors, including broader market trends and news events.
Shiba Inu, a long-standing meme coin, gained attention following its meteoric rise in 2021. As October begins, traditionally a bullish month for cryptocurrencies, experts say: I hope Based on past performance, we expect a similar price increase for SHIB. Prominent community member Laura delves into the price trajectory of 2021 and explores possibilities through the end of October 2024.
On October 1, 2021, SHIB soared from $0.000007 and reached ATH of $0.000088 on October 28, 2021. This incredible surge represents a staggering 1,250x increase in just under two months. Fast forward to October 1, 2024, and Memecoin is currently at $0.000016. Mr. Rohrer used this comparison to hint at a possible future rally by the end of the month. Although her analysis is a rough prediction based on historical data, the recent on-chain activity of the token cannot be ignored.
The Shiba Inu has experienced a dramatic price increase, rising 43% in the past nine days. According to the data platform “Santiment”, the rally was refueled It has seen a noticeable increase in on-chain activity compared to other altcoins and meme coins. This analysis is based on research on key metrics such as trading volume, token circulation, and whale trading.
Shiba Inu numbers are rapidly increasing due to increase in on-chain activities
The data platform revealed that SHIB’s trading volume soared, reaching a whopping 1.19 billion. In just 12 hours, 27 SHIB transactions exceeded $1 million in value. With over 5 trillion SHIB in circulation, this surge in on-chain activity has caused a significant price increase, pushing SHIB to a 10-week high. Additionally, rising social control signals increased investor interest and FOMO.
While the current bullish outlook looks promising, it is important to note that the growing hype has increased the likelihood of a ceiling in local prices. The bull market may need to cool down a bit for SHIB to break above the year-to-date high of $0.000043.
Whether SHIB will experience another dramatic rally by the end of October 2024 remains a mystery. Cryptocurrency markets are notoriously volatile, making it difficult to predict future movements. However, developments within the Shiba Inu ecosystem, broader market trends, and significant news events can all impact its price.
