Is a Bull Run This Month Still Possible?

TL;DR

• SHIB faced a sharp correction after a brief rally in September but is showing signs of recovery.
• Some analysts predict a potential bull run, but extreme targets (e.g., $0.01) are unrealistic.

SHIB Rally in the Following Weeks?

The popular meme coin made the headlines at the end of last September, with its price reaching a three-month high and its market capitalization briefly exceeding $12.5 billion. The community expected that October will offer additional gains given the fact that it has been a historically good period for the entire cryptocurrency industry. 

Contrary to the presumption, though, the sector experienced a severe correction. Shiba Inu (SHIB) was among the worst-affected assets, dropping to a local low of around $0.00001570 on October 3. Since then, it has recovered some of the losses and is currently trading at approximately $0.00001738 (per CoinGecko’s data).

Despite the shaky performance as of late, some analysts remain optimistic that SHIB will enter into a bull run mode in the weeks to come. The X user CRYPTO SHERIFF supports that thesis. The enthusiast noted the asset’s resurgence following the pullback, predicting that “the rise will accelerate” soon. 

Another popular analyst who envisioned good days ahead for SHIB is the X user Yoddha. Earlier this week, they claimed the price pattern had formed a specific triangular shape, which could be followed by a 130% rally if broken to the upside. 

How About a SHIB Price Explosion to $0.1?

Some hardcore proponents of the meme coin often tease the target of 1 cent, believing SHIB has much more room for growth in the next years.

It is worth noting that such an impressive rally would require its market cap to the absurd $58 trillion. Currently, the total capitalization of the entire cryptocurrency sector is less than $2.3 trillion, making the assumption sound ridiculous.

The X user Altcoin Daily chipped in on the matter, explaining how unlikely such a scenario really is:

“I heard someone talking about they bought SHIB because if it only goes to 1c next year then they will be a millionaire. This is literally not possible with SHIB’s current market cap. Learn how to value coins in market cap vs price.”