October has been anything but kind to Shiba Inu (SHIB) investors, as hopes for a massive “Uptober” rally have been dashed. While the month was expected to bring significant gains across various crypto assets, several factors have contributed to the market’s lackluster performance. Notably, growing long liquidations and escalating geopolitical tensions in the Middle East have played a major role in dampening the broader crypto market’s prospects.
Shiba Inu’s Struggles In October
Shiba Inu, one of the most popular meme tokens, has seen a steep decline since the start of the month. After hitting a three-month high of $0.00002156 on September 27, the token has dropped 23.56% to $0.00001648. The token is down 11.1% since the beginning of October, reflecting broader market weaknesses.
This price slump follows SHIB’s underperformance in the weekly charts, where it has declined by 13.3%. Despite these challenges, many in the Shiba Inu community remain hopeful, confident that the token could register new all-time highs (ATH) during the next major bull market, expected in 2024 or 2025.
Shiba Inu Community Still Optimistic
Despite the downturn, SHIB supporters continue to rally behind the token. The Shiba Inu team recently tweeted a question that has sparked conversation: “What will you do when SHIB hits a new ATH?” This message has reignited enthusiasm within the community, with fans sharing optimistic scenarios ranging from vacations to retirement plans, should the token reach new heights.
JD, the founder of PawZone and a prominent figure in the Shiba Inu ecosystem, has confidently stated that the next ATH will prove his previous predictions right and intends to welcome new community members as SHIB rises.
Shiba Inu’s last ATH was recorded on October 28, 2021, when the token peaked at $0.00008616. Since then, it has tumbled 80.7%, leading some to question whether it can ever reclaim those heights.
Experts Predict New ATH in 2024/2025 Bull Market
Many crypto analysts believe Shiba Inu has the potential to break its previous ATH in the upcoming bull market. Predictions point to SHIB eliminating one of its leading zeros and hitting a minimum price of $0.0001. This confidence stems from the token’s ecosystem developments, particularly the rise in Shibarium’s Total Value Locked (TVL) and ongoing token burns, which have boosted investor sentiment.
In August, analyst Alan Santana set an ambitious ATH target of $0.00023179 for Shiba Inu by 2025. Achieving this would require a staggering 1,306% surge from its current price. Similarly, crypto expert Oscar Ramos projected that SHIB could reach $0.00017 by next year, marking a potential 931.55% increase. Meanwhile, top trader Dexter sees SHIB trading between $0.000089 and $0.00015 in the coming months.
Also Read: Shiba Inu (SHIB) Poised For 2025 Bull Run – Analyst Predicts Growth After 5.46% Weekly Dip
Whether Shiba Inu will reach a new ATH before the 2024/2025 market cycle concludes remains uncertain. While optimistic forecasts abound, the token faces stiff headwinds from global market conditions. Investors will need to keep an eye on the evolving geopolitical landscape and SHIB’s ecosystem updates to gauge its potential in the long run.
As it stands, SHIB enthusiasts remain hopeful, waiting for the token to reawaken and drive the next wave of meme coin mania.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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