Shiba Inu's Token (SHIB) Records Initial Golden Cross in September

Shiba Inu's Token (SHIB) Records Initial Golden Cross in September - Explanation of Its Significance

Shiba Inu, the popular meme cryptocurrency, has shown a pattern of performance over the years that crypto enthusiasts refer to as "Uptober." This trend suggests that Shiba Inu often sees higher gains in October compared to September.

In recent times, Shiba Inu has been down 0.41% so far this September. However, a look back at its past performance reveals some interesting insights.

September 2022 saw Shiba Inu close the month down 6.53%. The following October, the cryptocurrency only managed 1.33% gains before experiencing a 50% surge in November. The trend seemed to reverse in September 2021, with Shiba Inu ending the month up 4.96%, preceding an 830% rally in October.

The year 2024 presented a unique case. Shiba Inu closed September down, but the following month saw a significant turnaround. The cryptocurrency ended September 2024 up 26.94%, a stark contrast to the minor gains or losses it typically sees in September.

October 2023 was somewhat positive for Shiba Inu, with a 6.13% rise, while October 2022 saw a 10% increase.

Interestingly, September 2022 marked the first time Shiba Inu formed a golden cross on its hourly chart, a bullish signal. However, no specific event or factor was identified as the cause of this occurrence.

In a notable event in 2024, Elon Musk, the CEO of Tesla and SpaceX, played a special role in the Shiba Inu market. Musk caused an unusual price surge in September by posting a picture of his new Shiba Inu puppy on social media, sparking hype and increased trading activity.

At the time of writing, Shiba Inu's price stands at $0.00001213, but the cryptocurrency is currently down 3.1% in the last 24 hours. Despite this, the golden cross on its hourly chart suggests a potential bullish outlook for the future.

It's important to note that this article focuses on Shiba Inu's historical performance and does not discuss any specific information about the SEC, XRP, Ethereum, Bitcoin, Solana, regulatory certainty for crypto, 'Sparktember', or Tomiwabold Olajide.