Shiba Inus 2021 Epic Rally: Can History Repeat Itself?
- Shiba Inus price surge is fueled by increased on-chain activity, according to Santiment.
- SHIB experienced a dramatic price increase in October 2021, but it remains below its previous highs.
- The future price movement of SHIB is uncertain, but it could be influenced by various factors, including broader market trends and news events.
Shiba Inu, the long-standing meme coin gained prominence after its meteoric rise in 2021. As October begins, a traditionally bullish month for cryptocurrencies, experts are hoping for a similar price growth for SHIB based on historical performance. Lola, a prominent community member delves into the price trajectories of 2021, exploring its possibilities by the end of October 2024.
On October 1, 2021, SHIB skyrocketed from $0.000007 to reaching its ATH of $0.000088 on October 28, 2021. This phenomenal surge marks a staggering increase of over 1,250 times in just under two months. Fast forward to October 1, 2024, the meme coin currently sits at $0.000016. Lola used this comparison to suggest some possibilities for future rallies by the end of the month. While her analysis based on historical data is a loose prediction, one cannot ignore the tokens recent on-chain activity.
Shiba Inu recorded a dramatic price surge, climbing 43% in the past nine days. This rally, per data platform, Santiment, was fueled by a notable increase in on-chain activity compared to other altcoins and meme coins. The analysis is based on a study on key indicators like trading volume, token circulation, and whale transactions.
Shiba Inu Surges on Increased On-Chain Activity
The data platform has revealed a surge in SHIBs trading volume, reaching a whopping 1.19 billion. In just 12 hours, a remarkable 27 SHIB transactions exceeded $1 million in value. With over 5 trillion SHIB in circulation, this surge in on-chain activity has ignited a significant price increase, propelling SHIB to a 10-week high. Additionally, the rise in social dominance indicates growing investor interest and FOMO.
While the current bullish outlook looks promising, its important to note that the likelihood of a local price top has increased due to the heightened hype. To surpass the year-high of $0.000043, SHIB may need a slight cooling down of the bullish narratives.
Whether SHIB will experience another dramatic rise before the end of October 2024 remains a mystery. The cryptocurrency market is notoriously volatile, and predicting its future movements is challenging. However, developments within the Shiba Inu ecosystem, broader market trends, and significant news events could all influence its price.
Read more: https://www.tronweekly.com/shiba-inu-2021-history-repeat/
Text source: TronWeekly
