Although ‘Uptober’ has yet to fulfill its promise for the majority of assets in the cryptocurrency market, it seems to have already started for Shiba Inu (SHIB), as evident in its rally that has seen it over 10% in just 24 hours, making it the second-best daily performer.
Indeed, Shiba Inu has raced to $0.00001749, up 10.06% on the day, reducing its losses from the past week to 13.36%, and adding up to the 34.23% advance across the month, leaving many to wonder what is behind this sudden and substantial change, as well as whether the gains would continue.
Shiba Inu price 24-hour chart. Source: Finbold
On top of that, SHIB has added an earth-shattering $1 billion to its market capitalization in the last 24 hours, bringing its total market cap from the $9.31 billion one day earlier to the current $10.31 billion, which also represents an increase of 10.74%, as per the latest data on October 4.
Shiba Inu market cap 24-hour chart. Source: CoinMarketCap
Why is shiba inu going up?
Notably, one of the reasons could lie in the fact that SHIB has performed well in October in terms of monthly returns with no exception, including soaring 833.6% in 2021, increasing 10.4% in October 2022, as well as gaining 6.04% in October 2023, as CryptoRank data demonstrates.
Shiba Inu’s monthly returns. Source: CryptoRank
In addition to traditionally positive October, the SHIB developer team has recently rolled out an array of upgrades to the meme token’s ecosystem and is anticipating an imminent launch of the game-changing ‘Shib the Metaverse,’ as marketing lead Lucie highlighted on September 29.
Furthermore, the Shiba Inu community is also looking forward to the launch of the SHI stablecoin on its blockchain, Shibarium, which Lucie also teased in late September, referring to it as a “crucial development within the Shib ecosystem” with an aim to “significantly enhance the Shibarium network.”
On top of that, it is important to note that on-chain activity around Shiba Inu has skyrocketed recently, soaring by nearly 3,000% on October 2,reaching a staggering 322.7 billion SHIB in netflows so far, which means that whales have turned bullish and started to accumulate this digital asset.
SHIB large holders’ transactions. Source: IntoTheBlock
SHIB price technical analysis
However, it is not just the related developments that are propping up SHIB. According to Elliott Wave and Fibonacci analysis by crypto expert BigMike7335, Shiba Inu’s corrective phase seems to be ending, with a potential breakout that could launch its price to around $0.00002378 within the next three to six months.
Shiba Inu technical analysis. Source: BigMike7335
All things considered, SHIB’s recent rally is not a small feat, and multiple indicators suggest it might continue, at least in the near term. However, trends in the crypto market can easily change, so doing one’s own research and keeping up with any SHIB news is critical when investing.
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