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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

3 Reasons Why Shiba Inu Price Might See A Massive Surge Over 400%

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Shiba Inu price prediction

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Just like the rest of the crypto market, the Shiba Inu price saw an uptrend at the start of the week before correcting back downward on Tuesday morning. However, this decline may point to the meme coin gearing up for another rally that could see it rise more than 400% and there are reasons why.

The Blessings Of October

One of the first reasons that suggests a massive surge this month is how the asset has performed historically in the month of October. Looking back at previous years, the Shiba Inu price had shown incredible strength in October 2021 rising over 800%, which eventually led to its all-time high.

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Then in October 2022, the altcoin marked a double-digit rise even amid the start of a very bearish market. Although this was much smaller than its 2021 figures, it was significant nonetheless and registered October as a bullish month for the altcoin. Going by the average of both of these figures, analytics platform CryptoRank posits that the Shiba Inu price could rise over 400% this month if it sticks to its historical performance.

Shibarium Continues To Grow

The Shiba Inu Layer 2 blockchain, Shibarium, built atop the Ethereum network debuted in August. Following this, there have been some notable milestones for the network. One of these is the total number of transactions that have been carried out.

Data from ShibariumScan shows that the network has now crossed 3 million transactions. Additionally, wallet addresses on the network are now more than 1.25 million. The total blocks produced are also inching closer to the 1 million mark with each passing day.

These metrics point to a growing rate of adoption which could significantly impact the Shiba Inu price. This is because SHIB serves as the governance token of Shibarium and participants who want to be involved in governance will need Shiba Inu tokens to do so, increasing demand.

Shiba Inu price chart from Tradingview.com (SHIB 400% rally)

SHIB maintains tight trading range | Source: SHIBUSD on Tradingview.com

Shiba Inu Price Trajectory

The Shiba Inu price has traded in a tight range between $0.0000071-$0.0000075, which suggests that the meme coin is finally finding a bottom. As a result, it could see a recovery using this point as a launch point and re-testing the resistance at $0.0000075.

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If this resistance falls and bulls take control, it will be smooth sailing for Shiba Inu. Add in the recovering crypto market sentiment as shown by the Fear & Greed Index moving up into neutral. Shiba Inu will naturally follow the trajectory of Bitcoin and such a recovery would take it above $0.000008.

At the time of writing, SHIB is sitting at $0.000007279 after falling 3.33% in the last day. Its market cap of $4.2 billion makes it the 18-largest cryptocurrency in the industry.

Featured image from Siam Blockchain, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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