thecryptobasic.com
Shiba Inu holders may anticipate a celebration, as community analyst Oscar Ramos declared that “PUMPtober” has arrived for the meme coin.
According to Ramos, the seasonal trend, where October historically brings renewed energy and growth to the crypto markets, is starting to show signs of life for SHIB. He highlighted that after extended periods of stagnation, Shiba Inu’s market momentum is beginning to shift.
Currently, Shiba Inu is trading at $0.00001722, having lost 6.56% in the last 24 hours. As of yesterday, SHIB had a market value of $0.00001878, marking an 18% increase this month from a low of $0.00001586 on October 1.
Notably, Shiba Inu commenced its notable uptrend in the last week of September. Its value expanded from $0.00001429 on September 23 to $0.00002156 four days later and maintained most of the gains till the month ended.
Ramos highlighted these significant upward movements in his latest analysis, noting that he has achieved a 300% gain in his own leveraged position on Shiba Inu. He encourages others to consider opening leveraged positions, confident in a more substantial upswing as the year progresses.
Why Expect More Uptrend for Shiba Inu
One major catalyst for this optimism is the United Arab Emirates’ recent decision to eliminate taxes on crypto transactions. Interestingly, Shiba Inu’s ecosystem leader, Shytoshi Kusama, recognized the development in a post on X, generating excitement among SHIB holders.
🥂✨️ pic.twitter.com/iQREmskH9N
— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) October 6, 2024
Notably, UAE’s move has positioned the region as a hotspot for crypto activity. Ramos believes it could further boost Shiba Inu’s appeal as global investors seek out tax-friendly environments for their digital assets.
Additionally, Ramos noted that the market cap gap between Shiba Inu and Dogecoin is narrowing. Currently, Shiba Inu sits at $10.16 billion, while Dogecoin is around $15.6 billion. He observed that Dogecoin once held double the market size of Shiba Inu, a disparity that is no longer the case.
Essentially, the narrowing gap highlights SHIB’s resilience in the face of market volatility, which continues to flash optimism for the community.
Continuous Buy Signal for SHIB
Despite ongoing volatility, Ramos urges Shiba Inu holders to stay vigilant. He mentioned that his price indicator has been signaling strong buy opportunities, suggesting further potential for gains as October unfolds. The analyst emphasized that the indicator accurately predicted the late September surge that pushed SHIB to $0.000021.
He advises investors to monitor market movements closely and to remain unfazed by negative sentiment, which he sees as a typical pattern before major rallies.