The Shiba Inu has been on an upward trend lately after suffering losses for most of the second and third quarters of the year. This recovery starting in the recent month is fueling 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 expectations regarding the price of Shiba Inu will be high in the last quarter of 2024.
The busiest month of the year for Shiba Inu
According to historical data, the end of September will soon usher in the most growth quarter of 2024 for the Shiba Inu breed. 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 SHIB price could continue to rise from here.
Data from CryptoRank website shows that the Shiba Inu price has seen an average return of +283.4% in October. This average return could mean that the Shiba Inu price could triple by the end of October.
Such an boost would cause the SHIB price to hover around $0.00006 this month. Additionally, if the recovery continues through the end of the year as expected, then meme coin price a recent, highest price in history may appear before the end of the year.
Additionally, the last time SHIB finished September in the green was in 2021, with October seeing an boost of 833% in one month. Now 2024 will be the first time in three years that the SHIB price will hit the green again. A repeat of the 2021 trend would also push SHIB to a recent all-time high.
Will the fourth quarter end in green or red?
While the cryptocurrency market often saw a good return in the fourth quarter, the Shiba Inu price was not very content after October. According to CryptoRank, the average returns in November and December are negative and amount to -15.9% and -6.12%, respectively.
This does not bode well for the Shiba Inu price and may suggest to investors a good time to sell. If that happens, it could be October good time to exit altcoin and move back in in December. However, if Bitcoin’s uptrend continues through the end of the year, the price of SHIB could boost in the recent year.
