Shiba Inu Extends Recovery, but Selling Pressure Remains a Key Market Factor

Shiba Inu (SHIB) is starting October on a positive note, with a 1.7% gain over the past 24 hours. This follows a 13.5% increase in September, making it the strongest month for the token so far this year. Despite this, the token is still struggling to build momentum, with selling pressure remaining a key market factor.

Whale accumulation has added another signal, with the top 10 SHIB whales adding 10 billion tokens within 24 hours. However, this amount is still a small fraction of the token's circulating supply, and its market capitalization is around $3.48 billion.

SHIB's performance is also being influenced by its relationship with Bitcoin, with the token losing 1.3% against BTC over the past day. This is a departure from its usual trend, where it tends to follow Bitcoin's broader direction.

Looking ahead, the market is watching to see if SHIB can continue its recent recovery and build on its September gains. The token's 'Uptober' performance is also being closely monitored, as it has historically been a strong month for crypto markets.