The Shiba Inu has been on an uptrend lately, after suffering losses for the better parts of the second and third quarters of the year. This rebound at the start of the new month plays a role in the high expectations for the meme coin, especially in Q4, when the price of the altcoin is expected to more than double. Using historical data, this report explains why this is the case Shiba Inu price forecast High until the last quarter of 2024.
The busiest month of the year for the Shiba Inu
According to historical performance, the end of September is about to enter the bullish quarter of 2024 for the Shiba Inu. This is especially true of October which never ended in the red for the meme coin. If this trend continues, SHIB price may continue to rise from here.
Data from Cryptorank website It shows that the price of the Shiba Inu saw an average return of +283.4% in the month of October. This average return could mean that the price of a Shiba Inu could triple by the end of October.
Such a rise would put SHIB’s price around the $0.00006 level this month. In addition, if the recovery continues until the end of the year as expected, then Mimi coin price We could see a new all-time high price before the year is out.
Also, the last time SHIB ended September in the green was 2021, and October saw an 833% increase in one month. Now, 2024 is about to be the first in three years when SHIB’s price ends up in the green again. A repeat of the 2021 trend would also send SHIB towards a new all-time high.
Will the fourth quarter end in green or red?
While the cryptocurrency market has often seen a good turnaround in the fourth quarter, the price of the Shiba Inu has not been so lucky after October. According to CryptoRank, the average returns for November and December were negative -15.9% and -6.12%, respectively.
This does not bode well for the price of the Shiba Inu and could indicate a good time to sell to investors. If that happens, it could be October A good time to exit the altcoin And back again in December. However, if Bitcoin’s bullish trend continues until the end of the year, it could see the price of SHIB rise in the new year.