Shiba Inu Charges Ahead with Record-Breaking Q3
Shiba Inu (SHIB) has finished its most bullish Q3 in history, according to data from CryptoRank. The cryptocurrency market's overall positive trend has contributed to SHIB's success, with a cumulative return of +44.1% for the third quarter so far.
This marks the coin's best quarterly performance since 2021, and it is now on track for its most bullish quarterly close in history. Historically, September has been a weak period for SHIB, but this year has seen consecutive monthly gains of 12.2%, 7.55%, and 19.4%.
The current price action on the weekly SHIB/USD chart shows a local structural reversal, with a double-bottom pattern in place. The token is breaking out to the upside after forming this reversal, driven by the overall macroeconomic backdrop.
The total cryptocurrency market capitalization has broken out of a prolonged consolidation, surging from $2.15 trillion to $2.89 trillion over the same period. This synchronized breakout in RSI and global market volumes is similar to what was seen in late 2023.