With Shiba Inu enduring a double-digit decline this October, investors are now shifting their focus to November in hopes of a potential recovery.
October has historically been a strong month for Shiba Inu and the broader crypto market, often delivering major price rallies. Many leading tokens, including SHIB, achieved their all-time highs in past Octobers.
Specifically, Shiba Inu reached its peak price of $0.00008845 in October 2021. Due to the bullish performance of crypto assets in October, investors nicknamed the month “Uptober.”
However, this year, Shiba Inu has struggled to meet expectations, much like most other crypto assets. The meme-based token is down 10.4% month-to-date, reflecting the broader crypto slowdown..
Shiba Inu Historical Trend in November
With hopes for a bullish Uptober fading, investors are now turning to November in anticipation of a potential market rebound. Amid these rising expectations, we examined data from CryptoRank highlighting Shiba Inu’s historical November performance and what investors might anticipate next month.
Although SHIB launched in August 2020, its first recorded November performance came in 2021, just a month after hitting its all-time high. That November, SHIB closed with a 29.6% decline, following an extraordinary 833.6% surge in October.
Shiba Inu posted another loss the following year, closing November 2022 with another 24.8% decline. However, the trend shifted in 2023 and 2024, as SHIB closed both Novembers in positive territory, up 6.62% in 2023 and a notable 48.8% in 2024.
Overall, Shiba Inu has an average growth rate of 0.26% in November. If history repeats itself, there are expectations that Shiba Inu could post modest gains next month.
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SHIB monthly performance
Will SHIB Rally Next Month?
While the two-year trend of November gains and the average growth rate of 0.26% have fueled optimism for another positive month ahead, past performance does not guarantee future results.
As observed earlier, investors’ expectations of an October rally were high on the first day of the month. However, macroeconomic events, particularly the China-U.S. trade war, dealt a heavy blow to the broader crypto market, with Shiba Inu losing 10.4% of its value this month alone.
Currently, Shiba Inu is trading at $0.00001060 per token, up 4.71% over the past 24 hours and 3.87% over the past week.
As November approaches, investors will be watching key catalysts that could help drive a stronger performance next month.
Factors such as accelerated token burns, increased adoption of Shibarium, major product launches or integrations, a potential SHIB-related ETF filing in the U.S., and overall market strength could all contribute to renewed bullish momentum for the token.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.