Shiba Inu (SHIB) Explodes to One-Month High as Most Investors Turn Profitable

TL;DR

Shiba Inu (SHIB) rose 4% in one hour to $0.00001542, bringing its market cap past $9 billion. The rally could be related to the reduction in exchange supply and Shibarium’s milestone of processing 7 million blocks.

Shiba Inu (SHIB) has gained momentum of late as its price continues to hit new local highs. It has risen by 4% in the last hour, making it the best performing cryptocurrency on the top 100 list during this period.

SHIB is currently trading at around $0.00001542, a figure last seen at the end of August. Its market capitalization rose above $9 billion, making it the 16th largest in the entire cryptocurrency industry.

SHIB Price, Source: CoinGecko

Its latest resurgence coincides with the shrinking supply of SHIB tokens on crypto exchanges. According to CryptoQuant, the number plummeted to a seven-month low on September 25th, with approximately 141 trillion coins held.

This could be seen as a bullish factor as it suggests a shift towards self-storage methods and a reduction in immediate selling pressure.

Another element that may play a role in SHIB’s rise could be the further progress of Shibarium. CryptoPotato reported that the Layer 2 blockchain solution recently reached a major milestone of over 7 million blocks processed.

As expected, the price hike has benefited SHIB holders. Data from IntoTheBlock shows that 50% of those exposed to the token are currently sitting on paper profits, while 43% are underwater.

The situation looked less optimistic in September last year, when almost 90% of Shiba Inu headlines were in the red.

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