The past month of October was considered as a whirlwind month for several cryptocurrencies because some big names in the crypto world had witnessed surges in their prices, including Bitcoin, Ethereum, Dogecoin, and especially Shiba Inu.
However, if we figure out only highlighted digital assets that surpassed all other world coins, one and only Shiba Inu would be one and only.
In October, Shiba Inu coin raised its price up to 950% and shocked everyone in the field. However, after reaching its all-time high ATH price, the coin again fell back to its moderate and average price.
As a result, the newcomers or freshers who invested in this coin after seeing its ATH price are confused. Therefore, all of them are keen to know about its next price, whether the price will return to its ATH or will further decline.
As we all know, the meme-based crypto coins were born in 2011 when the entire internet was flooded with memes related to a dog of a specific type of breed. The breed of the dog was from Japan, known as Shiba Inu.
Initially, the first coin was originated as a Dogecoin in 2012, and after that, the coin came all over the world, particularly just by funny memes.
Meanwhile, during the entire buzz around the Doge, someone created a currency with the direct name of Shiba Inu in August 2020. And that’s the time when the current world’s six biggest cryptocurrencies from nowhere started and shocked the world.
Why suddenly did SHIB increase in October?
To be precise, there’s no doubt that Elon Musk is known as the Godfather of meme-based cryptocurrencies, Dogecoin and SHIB. So naturally, therefore, his tweet regarding one of his dogs of the Shiba Inu breed triggered its price.
The tweet from the world’s richest person was just a picture of his pet puppy, named Floki, alongside a caption of Floki Frunkpuppy. After that, we saw almost 120 percent growth in the SHIB’s price and worth in just one tweet. Isn’t this crazy??
In the meantime, the developers of SHIB announced their plans to enter the NFT industry. Moreover, according to some news and rumors, the creators had a plan to launch a collection of NFTs, featuring around 10,000 images of Shiboshi characters.
Will SHIB Re-take its Place in November?
Wallet Investor – a predicting crypto site claims that at the end of 2022, Shiba Inu will reach again to its average price of $0.000098. Moreover, the fintech also emphasized that SHIB is not suitable for long-term investment as well.
Therefore, we can conclude that although the digital coin will once again re-take its place in November, as per the analysis, the price won’t be stable for a longer time.
While DigitalCoin forecast, another crypto expert site has predicted some positive and bullish trends.
