Shiba Inu is on an uptrend recently after suffering losses for much of the second and third quarters of the year. This rebound in the new month contributes to high expectations for the meme coin, especially in the fourth quarter, when the altcoin’s price is expected to more than double. Using historical data, this report explains why the expectations for the price of the Shiba Inu are high in the last quarter of the year 2024.
The most optimistic month of the year for Shiba Inu
According to historical performance, the end of September is about to usher in the busiest period bullish quarter of the year 2024 for Shiba Inu. This is especially true for the month of October, which has never ended in the red for the meme coin. If this trend continues, the price of SHIB could continue to rise from here.
Data CryptoRank website shows that the Shiba Inu price had an average return of +283.4% in the month of October. This average return could mean that the Shiba Inu price could triple by the end of October.
Such a rise would put the price of SHIB around the $0.00006 level this month. Furthermore, if the recovery continues until the end of the year as expected, then the price of the meme coin may be seeing a new price ceiling before the end of the year.
Furthermore, the last time SHIB ended the month of September in the green was in 2021, and the month of October saw an increase of 833% in the space of a month. Now, 2024 is poised to be the first in three years that SHIB price ends in the green again. A repeat of the 2021 trend would also take SHIB to a new all-time high.
Will the fourth quarter end in green or red?
Although the crypto market has often seen a good move in the fourth quarter, the Shiba Inu price has not had much luck after the month of October. According to CryptoRank, the average returns for November and December are negative at -15.9% and -6.12%, respectively.
This does not bode well for the Shiba Inu Price and may suggest a good time to sell to investors. If this happens, then October could be a good time to exit altcoin and return in December. However, if Bitcoin’s uptrend continues until the end of the year, it could see the price of SHIB rise in the new year.
