Shiba Inu Hits 9-Month Peak as Long-Term Holders Stand Firm

Shiba Inu has experienced a significant price surge since mid-September, reaching its highest point in nine months. This uptrend is primarily driven by the unwavering support of long-term holders (LTHs).

Once overshadowed by more popular tokens like DOGE, Shiba Inu is now attracting attention due to recent developments. A landmark decision by the US government regarding confiscated SHIB tokens has sparked interest among the crypto community.

Macro momentum is also fueling the rally. The MVRV (Market Value to Realized Value) Long/Short Difference indicates strong support from LTHs. By holding their tokens rather than selling, these investors stabilize SHIB's price, suggesting that the current uptrend may be sustainable.

In the past 24 hours, Shiba Inu surged by 10%, reaching a nine-month high of $0.00003169. This spike has renewed investor interest and the potential for it to surpass the key resistance level at $0.00003515.

However, if SHIB fails to maintain its support level at $0.00002976, it may decline to $0.00002267, dampening the bullish sentiment.

Shiba Inu's rise underscores the importance of LTH backing in shaping its price trajectory.