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Shiba Inu October Price Prediction: Is Historical Data Enough?

SHIBA INU: IS SHIB TO PUMP THIS MONTH?
SHIBA INU: IS SHIB TO PUMP THIS MONTH?

Shiba Inu (SHIB) has historically shown significant gains in October, with an average increase of 422% over the past three years. However, a recent video from Cheeky Crypto’s JB criticizes the reliance on historical data to predict future price movements.

In the video, JB points out that past performance does not guarantee future results. He cites several instances where SHIB’s October performance varied greatly, such as in 2021 when it surged 822% and in 2022 when it gained only 10.4%.

JB also mentions that SHIB has a burn rate of 410 billion tokens, which is reducing the circulating supply. This could potentially support the price in the long term, but it is difficult to say how it will impact short-term price movements.

Technical analysis suggests that SHIB has a potential downside target of $0.0000052 to $0.000006. This is based on the recent price action and the formation of a bearish descending triangle pattern.

Overall, the video expresses skepticism about relying solely on historical data for cryptocurrency predictions. JB argues that investors should also consider other factors, such as technical analysis, burn rate, and overall market sentiment.

Here are some additional thoughts on the video and Shiba Inu’s potential performance in October:

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