As the crypto market enters October, a month historically known for renewed energy and growth, analysts are starting to see signs of life for Shiba Inu (SHIB). Notably, crypto analyst Ramos highlights that after prolonged periods of stagnation, SHIB’s market momentum is beginning to shift, suggesting that investors may want to pay attention to this meme coin’s potential upswing.
Currently trading at $0.00001722, Shiba Inu has seen a 6.56% decline in the last 24 hours. However, it’s essential to note that as of yesterday, SHIB’s value stood at $0.00001878, marking an impressive 18% increase this month from a low of $0.00001586 on October 1. This resurgence follows a significant uptrend that began in the last week of September, where SHIB’s value surged from $0.00001429 on September 23 to $0.00002156 just four days later, holding most of these gains until the month ended.
Ramos attributes part of this positive trend to his own leveraged position, boasting a 300% gain in just a few weeks. He encourages fellow investors to consider similar strategies, asserting that a more substantial upswing is on the horizon as the year progresses.
UAE Tax Cuts – A Catalyst For SHIB Growth
A significant catalyst behind the renewed optimism for Shiba Inu is the recent decision by the United Arab Emirates to eliminate taxes on cryptocurrency transactions. This pivotal development has positioned the UAE as a burgeoning hotspot for crypto activity, prompting excitement within the SHIB community. Shytoshi Kusama, Shiba Inu’s ecosystem leader, acknowledged this positive change in a recent post on X, further fueling enthusiasm among SHIB holders.
The potential for growth is further amplified as the market gap between Shiba Inu and Dogecoin continues to narrow. Currently, SHIB boasts a market capitalization of $10.16 billion, while Dogecoin hovers around $15.6 billion. Once holding double the market size of SHIB, Dogecoin’s dominance is no longer the case, highlighting SHIB’s resilience amid market fluctuations.
Continuous Buy Signals
Despite the ongoing volatility in the cryptocurrency landscape, Ramos advises Shiba Inu holders to remain vigilant and proactive. His price indicator has been signaling strong buy opportunities, indicating that there could be further gains as October unfolds. According to Ramos, this indicator successfully predicted the late September surge that propelled SHIB to $0.000021, giving credibility to his forecasts.
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Ramos emphasizes the importance of closely monitoring market movements while maintaining a level-headed approach amid negative sentiment, which he views as a typical precursor to major rallies. With Shiba Inu showing promising signs of recovery and growth potential, it may be worth considering for investors looking to capitalize on the upcoming bullish trends.
In conclusion, as October progresses, Shiba Inu seems to be gaining momentum, driven by favorable market conditions and strategic developments. For investors, the message is clear: keep an eye on SHIB as it navigates through this promising phase in the crypto market.
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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