The Shiba Inu price performed spectacularly in July as the so-called dog season continued. The price rallied by more than 1,000%. This helped to propel it into the top-ten biggest cryptocurrencies in the world. It has a market capitalization of more than $38 billion and is bigger than Dogecoin. Other dog coins that rallied in October were Floki Inu and Dogelon Mars.
Why did SHIB price spike?
Historically, cryptocurrencies tend to go through certain cycles. For example, a few months ago, exchange-linked cryptocurrencies like Binance Coin, Crypto.com Coin, and FTX Token rallied. This rally made Binance Coin one of the top-three biggest coins in the world.
In September, it was the Ethereum-killer season. Ethereum-killers are blockchain platforms that are seeking to build faster and reliable alternatives to Ethereum. Some of the coins that rallied during this period were Avalanche, Polygon, Terra, and Fantom.
October was the dog month as the so-called meme prices rallied. The rally happened as top meme coins like Shiba Inu, Floki Inu, Dogelon Mars, and Dogecoin rallied.
The spark of this rally was a tweet by Elon Musk who posted a picture of his dog. As such, investors moved to SHIB since they believed that he had bought some coins. He later clarified that he had only invested in Dogecoin, Bitcoin, and Ethereum.
The Shiba Inu price rally gained steam as an online petition asked Robinhood to add the token. The petition gained more than 400k signatures. Therefore, there is a likelihood that the company will add the coin. Besides, it already makes millions from Dogecoin.
On Monday, the SHIB price rallied after Binance became the next coin to accept the coin. It also rose after a big sign promoting the coin was seen in Times Square. So, what next for Shiba Inu in November?
Shiba Inu price prediction
The four-hour chart shows that the Shiba Inu price has been in a strong bullish trend in the past few weeks. However, in the past few hours, the coin has formed a bullish pennant pattern, which is usually a bullish sign. The price is still being supported by the short and longer-term moving averages. It is also slightly above the Ichimoku cloud.
Therefore, the coin will likely break out higher in the coming days. If this happens, the next key resistance will be at $0.0001. However, we can’t rule out a situation where the price retreats later in the month as momentum wanes.
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