Crypto News | Shiba Inu (SHIB) Explodes to a One-Month High as Most Investors Turn Profitable | USA Goldmines

TL;DR

Shiba Inu (SHIB) surged 4% in an hour, reaching $0.00001542, and its market cap exceeded $9 billion.
The rally could be potentially linked to reduced exchange supply and Shibarium’s milestone of processing 7 million blocks.

Shiba Inu (SHIB) has gained momentum lately as its price continues to reach new local tops. It has spiked 4% in the past hour, making it the best-performing cryptocurrency from the top 100 list for that period.

SHIB currently trades at around $0.00001542, a figure last observed at the end of August. Its market capitalization surged above $9 billion, making it the 16th-biggest in the entire cryptocurrency sector.

SHIB Price, Source: CoinGecko

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

This could be seen as a bullish factor since it suggests a shift toward self-custody methods and reduced immediate selling pressure.

Another element potentially playing a role for SHIB’s uptick could be the further progress of Shibarium. CryptoPotato reported that the layer-2 blockchain solution recently reached a major milestone of over 7 million processed blocks. 

Somewhat expectedly, the price rally has benefited SHIB holders. IntoTheBlock data shows that 50% of those exposed to the token are currently sitting on paper profits, while 43% are underwater.

The situation seemed less optimistic in September last year when almost 90% of the Shiba Inu holders were in the red. 

The post Shiba Inu (SHIB) Explodes to a One-Month High as Most Investors Turn Profitable appeared first on CryptoPotato.

  Here are some of the factors potentially fueling SHIB’s price rally. Crypto Bits, Crypto News, SHIBBTC, SHIBUSD, Shiba Inu (SHIB)