Is it still possible to do a bullfight this month?

TL;DR

SHIB faced a sharp correction after a brief rally in September, but is showing signs of recovery. Some analysts predict a possible bull run, but extreme targets (eg $0.01) are unrealistic. SHIB rally in the next few weeks?

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

Contrary to presumption, however, the sector experienced a severe correction. Shiba Inu (SHIB) was among the hardest hit assets, falling to a local low of around $0.00001570 on October 3rd. It has since clawed back some of the losses and is currently trading at around $0.00001738 (according to CoinGecko data).

SHIB Price, Source: CoinGecko

Despite the erratic behavior of late, some analysts remain optimistic that SHIB will enter a bull run mode in the coming weeks. User X CRYPTO SHERIFF supports this thesis. The bullish pointed to the asset’s resurgence after the pullback, predicting that “the rally will accelerate” soon.

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

How about a SHIB price explosion at $0.1?

Some staunch proponents of the meme currency often scoff at the 1 cent goal, believing that SHIB has much more room for growth in the coming years.

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

User X Altcoin Daily chimed in on the matter, explaining how unlikely such a scenario really is:

“I heard someone talk that he bought SHIB because if it just goes to 1c next year he’ll be a millionaire. That’s literally not possible at SHIB’s current market cap. Learn how to value coins at the market cap of market based on price”.

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