Shiba Inu (SHIB) is on a roll! This fiery pup of the crypto world has been wagging its tail with joy as its price keeps climbing to new heights. In just the past hour, SHIB has spiked by a whopping 4%, making it the top dog among the top 100 cryptocurrencies.
Right now, SHIB is fetching around $0.00001542 per token, a level we haven't seen since the end of August. Its market cap has ballooned to over $9 billion, securing its spot as the 16th-largest cryptocurrency. Talk about a comeback!
One big reason for this surge? The supply of SHIB tokens on crypto exchanges has taken a nosedive. On September 25, CryptoQuant reported that the number of SHIB tokens held on exchanges hit a seven-month low, with around 141 trillion coins. This drop suggests more people are choosing self-custody, which could mean less immediate selling pressure. Bullish, right?
And that's not all. SHIB’s price boost might also be tied to the progress of Shibarium. This layer-2 blockchain solution recently hit a major milestone, processing over 7 million blocks. That’s some serious blockchain muscle!
For SHIB holders, this rally is like finding a buried treasure. According to IntoTheBlock, 50% of SHIB investors are now in the green, while 43% are still waiting for their ship to come in. Compare that to last September, when nearly 90% of Shiba Inu holders were deep in the red. What a difference a year makes!
So, if you're a SHIB enthusiast, things are looking pretty pawsitive right now. Keep an eye on this pup—it’s got plenty of tricks up its sleeve!
