Someone has accumulated 770 billion SHIB, and Shiba Inu is about to usher in a historic run
Shiba Inu is about to usher in a historic run in October
If history repeats itself, Shiba Inu will usher in a parabolic rise in October. Data from CryptoRank shows that the meme coin has always had positive monthly returns in October. During the 2021 bull run, the price of SHIB soared 833% in October of that year, while it achieved smaller gains of 10% and 6% in October 2022 and October 2023, respectively.
Shiba Inu may achieve significant gains in October this year.
In addition, the outlook for the broader cryptocurrency market in October is also bullish.
For example, Bitcoin has the highest return rate in the period from October to December.
The flagship cryptocurrency is expected to see another price increase starting in October
As Bitcoin rises, the price of Shiba Inu will also rise.
Data from market intelligence platform IntoTheBlock shows that SHIB’s price correlation with BTC is currently 0.89, indicating a strong positive price correlation between the two assets.
This proves that as Bitcoin rises, the price of this meme coin will rise.
Shiba Inu investors are already preparing for a historic surge,
data from on-chain analysis platform Cryptoquant shows that they accumulated 770 billion SHIB between September 23 and 24.
This figure represents the funds that flowed out of the exchange in these two days. Moving tokens off exchanges indicates that these investors intend to hold for the long term.
The accumulation trend of these investors may also cause the price of Shiba Inu to surge in October.
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