The Shiba Inu has been on a roll lately, after losing the better parts of the second and third quarters of the year. This return to the new month plays into the high expectations of the meme coin, especially in Q4, when the price of the altcoin is expected to more than double. Using historical data, this report explains in detail why Shiba Inu price expectations are high towards the latter half of the year 2024.
The Greatest Month of the Year for the Shiba Inu
According to historical performance, the end of September is about to usher in the biggest bullish quarter of the year 2024 for the Shiba Inu. This is especially true in the month of October which never ends in the red for the meme coin. If this trend persists, SHIB’s price may continue to rise from here.
Data from the CryptoRank website shows that the Shiba Inu price saw an average return of +283.4% in the month of October. This average return could mean that the price of the Shiba Inu could triple by the end of the month of October.
Such an increase would put SHIB’s price at around $0.00006 this month. Additionally, if the acquisition continues until the end of the year as expected, then the price of the meme token may see an all-time high price before the year is out.
Also, the last time SHIB ended the month of September in the green was 2021, and the month of October went on to see an 833% increase in the space of one month. Now, 2024 will be the first in three years that the SHIB price ends up in the green again. A repeat of the 2021 trend will once again send SHIB to new all-time highs.
Will the Q4 end up green or red?
Although the crypto market usually sees a positive turn in Q4, the Shiba Inu price was not so lucky after the month of October. According to CryptoRank, the average returns for November and December are still negative -15.9% and -6.12%, respectively.
This does not bode well for Shiba Inu prices and could suggest a good time to sell for investors. If this follows, then October would be a good time to get out of altcoins and go back in December. However, if the Bitcoin uptrend continues until the end of the year, it could see the price of SHIB rise into the new year.
