Dogecoin (DOGE), the canine-inspired meme token often associated with electric-vehicle-tycoon-turned-Twitter-owner Elon Musk, was the top performer in October among the 150 digital assets in the CoinDesk Market Index (CMI).
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The DOGE price rose 101% during the month, vastly outpacing the 7% climb in the CMI overall. Bitcoin (BTC), the largest cryptocurrency by market value, was up 5.5% on the month, while No. 2 ether (ETH) gained 18%.
Digital-asset analysts attributed the big jump in DOGE to Musk’s dramatic $44 billion takeover of Twitter – ostensibly tied to speculation that the deal might somehow, eventually, bring value or utility to the Dogecoin blockchain and its eponymous cryptocurrency.
Bitcoin managed to avoid major volatility as it closed the weekly candle at around $20,625 on Bitstamp, data from Cointelegraph Markets Pro and TradingView confirms.
That in itself was noteworthy, marking the highest weekly candle close in six weeks for BTC/USD.
Shiba price set up three swing lows around a vital support level according to FXStreet. This caused a trend reversal, which eventually could trigger a bull run.
Even when the whole cryptocurrency market was extremely gloomy and top digital tokens faced back-to-back hits, SHIB managed to record 75% growth in the past two months. Finally, the Dogecoin killer has shifted its resistance level into a support formation, giving rise to a triple bottom.
This reversal pattern will make Shiba Inu price hop on a massive bull rally. So where is Shiba Inu price headed this time? According to graphs, SHIB has the potential to reach US$0.0000283 this time, which will be an interim high for the coin.
But much of its growth is highly dependent on Shib army and new investors. If the expected bull run triggers a FOMO again, then the Dogecoin killer will reach US$0.0000326 in a matter of weeks. In a nutshell, SHIB investors can expect at least 50% growth for now.
JASMY’s risk gauge score translates to a low risk investment at the moment. Portfolio managers who heavily weigh risk assessment will find this gauge more relevant when attempting to avoid (or discover) more risky investments.