Shiba

bullish

when

Shiba Inu

TL;DR
<ul>
 <li>Shiba Inu (SHIB) surged 4% in an hour, reaching $0.00001542, and its market cap exceeded $9 billion.</li>
 <li>The rally could be potentially linked to reduced exchange supply and Shibarium’s milestone of processing 7 million blocks.</li>
</ul>
<a href="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB_CB-39.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
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.
<figure id="attachment_362403" aria-describedby="caption-attachment-362403" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-17.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-362403" src="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-17.png" alt="SHIB Price" width="584" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-17.png 1047w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-17-300x205.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-17-1024x701.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-17-768x526.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-17-50x34.png 50w" sizes="(max-width: 584px) 100vw, 584px"></a>
 <figcaption id="caption-attachment-362403" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
 </figcaption>
</figure>
Its latest revival coincides with the decreased supply of SHIB tokens on crypto exchanges. According to CryptoQuant, the figure <a class="editor-rtfLink" href="https://cryptoquant.com/asset/shib/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">plummeted</a> to a seven-month low on September 25, with approximately 141 trillion coins&nbsp;held.&nbsp;
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 <a class="editor-rtfLink" href="https://cryptopotato.com/shiba-inu-shib-hits-another-major-milestone-details/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a> that the layer-2 blockchain solution recently reached a major milestone of over 7 million processed blocks.&nbsp;
Somewhat expectedly, the price rally has benefited SHIB holders. IntoTheBlock data <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/SHIB" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">shows</a> 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 <a href="https://cryptopotato.com/grim-statistics-almost-90-of-shiba-inu-shib-holders-currently-underwater-but-theres-more/" data-wpel-link="internal" rel="noopener noreferrer nofollow">were in the red</a>.&nbsp;
The post <a href="https://cryptopotato.com/shiba-inu-shib-explodes-to-a-one-month-high-as-most-investors-turn-profitable/" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) Explodes to a One-Month High as Most Investors Turn Profitable</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

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

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