Shiba Inu is entering October at a price range of $0.000011 and is 37% below its 2024 level. SHIB is down more than 44% year-to-date and is among the least performing cryptocurrencies in the market. What was once the central figure of the meme market is now sidelined due to low performance.
Can Shiba Inu bruise its wounds in October and deliver unexpected gains to investors? Should you buy now and hold on for a month to make profits? In this article, we will highlight whether SHIB can rise or head south in the charts.
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Will Shiba Inu Generate Profits in October?
Shiba Inu could deliver double-digit profits in October, predicts leading on-chain metrics and price prediction firm CoinCodex. According to the latest estimates, the firm projects SHIB to reach a high of $0.00001378. That’s an uptick of approximately 16% from its current price of $0.00001178.
Therefore, an investment of $1,000 could turn into $1,160 if the forecast turns out to be accurate. The downturn has eroded investors’ confidence, and this is the only ray of light for Shiba Inu in October. If the downward trend wasn’t bad enough, the $4.1 million Shibarium hack has made it worse.
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The team is yet to recover the stolen funds, and the operations on the Shibarium bridge remain suspended. Things could go further downhill if the stolen funds are not recovered, hampering Shiba Inu’s October prospects. Also, the number of SHIB holders saw a brief dip lately but has managed to recover.
SHIB’s hype and fame seem to have fizzled out lately, making it rely on the market’s performance. It no longer holds the larger-than-life persona where investors believed it could be the ‘next big thing’. Taking an entry position in SHIB now comes with its own challenges. While Shiba Inu’s October surprise might deliver some gains, older investors are still underwater.
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