Shiba Inu is presently being traded at $0.0000730 and is primarily attracting a bearish sentiment within the markets. Despite the much-anticipated launch of the Shibarium layer-2 network last month in August, SHIB failed to experience a significant price surge. The introduction of Shibarium had minimal to no impact on boosting SHIB’s performance in the market, resulting in the token consistently reaching new lows for three consecutive weeks.
However, if we set aside both the past and present circumstances, the question arises: Can Shiba Inu experience a rally in October 2023 and potentially commence the month on a positive trajectory? This article will delve into the potential price outlook for Shiba Inu in the upcoming month of October.
Predicting Shiba Inu’s Value
Changelly, a prominent on-chain metrics and price prediction firm, has presented a bleak outlook for Shiba Inu in the upcoming month. According to their price projection, SHIB could experience a further decline from its current levels over the next fortnight. The forecast indicates that Shiba Inu may slide to $0.000006789 by October 1, 2023, marking a drop of approximately 8% compared to its current value. The overall forecast for October appears pessimistic, with no compelling factors to entice new investors to join the Shiba Inu ecosystem. The prediction suggests that the canine-themed token may not eliminate its fifth decimal place next month, consequently maintaining a trading value with five zeros for the next six weeks, offering little profitability for investors.
Presently, the token finds itself without any notable redeeming qualities, as the majority of its projects have already been launched. The only glimmer of hope may arise when Shibarium initiates the process of burning SHIB tokens. However, the team has yet to provide a specific date for this event, and the quantity of tokens slated for transfer to the dead wallet remains undisclosed.
As of the current moment, SHIB is trading at $0.0000730, displaying a modest 0.5% increase in the past 24 hours. It’s worth noting that SHIB has declined by nearly 92% from its all-time peak of $0.00008616, a milestone it reached in October 2021.