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.
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.
