Shiba Inu (SHIB) on Verge of Potential 'Uptober' Price Boom: Details

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Popular meme-inspired cryptocurrency Shiba Inu (SHIB) is on the verge of what may be a historic month as, according to the prices history, next October may deliver a 283% increase in the price of the token.

Thus, as data from CryptoRank shows, the Shiba Inu token, or SHIB, is set to almost triple in price in the upcoming month of October. This is due to the fact that the average return for this month is 283.4%, while the median is 10.4%. 

Yes, the latter is a more adjusted indicator, but the second biggest meme cryptocurrency has seen periods in its price history when it skyrocketed by triple-digit percentage in a 30-day span. 

SHIB Price History by CryptoRank

So, you can't completely deny the power of an average. 

Will history repeat itself?

However, most of it is due to the fact that, three years ago, when the Shiba Inu token first appeared on the crypto market's radar, its price skyrocketed by 833.6% in October, even though it had been more than six months since its creation. 

The next 10 months were not so juicy but still ended on a positive note. Thus, in 2022, the price of SHIB rose by 10.4%, and the year after it was 6.04%. A real "Uptober" indeed. 

What will happen this time globally remains a mystery, as predicting anything for sure on the crypto market is rarely a good idea. However, the last three times, it has been a green October for SHIB, so maybe this time will not be an exception.