Shiba Inu Enters October with Historic Price Gains Lurking
Shiba Inu (SHIB) is entering its strongest month on record - October. According to CryptoRank, SHIB has historically seen significant price gains in this period, with an average return of 167.5% since 2021.
However, it's essential to note that this figure was skewed by the coin's massive 833% surge in 2021. The median return for October is a more modest 6.04%, and investor expectations may be misplaced if they're looking for another repeat performance like last year.
Despite this, SHIB has been showing signs of life, with its price currently trading at $0.0000058569 and a market capitalization of $3.45 billion. The token has broken out of a two-year-old descending wedge and formed a 'double bottom' on the TradingView charts.
Large investors are taking notice, with a 14.8% increase in large transactions (worth at least $100,000) over the past week. Whales are moving coins off exchanges into cold wallets, creating a supply squeeze that could contribute to further price gains.