Shiba Inu (SHIB) has experienced a significant price recovery after a slow start to October. The meme coin’s value has surged, with SHIB trading at $0.00001719 at the time of writing, marking a 5.78% increase in the past 24 hours.
Community Shows Optimism After Initial Slump
The recent price spike has fueled optimism within the SHIB community. Investors are now expressing bullish sentiments after the coin’s earlier 11% drop at the beginning of the month.
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This recovery brings hope to those who initially felt the October trend, often dubbed “Uptober” for its historically bullish nature, would not materialize this year. External factors, including ongoing Middle East tensions, had dampened the broader financial markets, affecting cryptocurrency performance.
However, Shiba Inu’s recent gains have sparked renewed enthusiasm. Many community members have shared plans on social media for how they will celebrate if SHIB reaches a new all-time high (ATH).
SHIB’s Resilience Amid Market Challenges
Shiba Inu has shown considerable resilience, despite significant market challenges. Since June’s bearish trend, the SHIB community, known as Shibizens, has continued to back the project. They have remained committed to reducing the coin’s circulating supply by supporting token burn activities. In the last week alone, the community sent millions of SHIB tokens to dead wallets, a move aimed at stabilizing prices.
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Before this price uptick, many feared SHIB might lose more value, potentially dropping to its critical support level. There are concerns that Shiba Inu could add another zero to its price. However, the recent price surge has lifted investors’ spirits, and many now believe this momentum could continue through October.
Shiba Inu’s last all-time high occurred in October 2021, and investors are hopeful that history might repeat itself this month. Many view the sustained bullish trend as crucial to reaching a new ATH, with expectations high as the market heads deeper into “Uptober.”
