$3.26 Billion Floor in Place as Shiba Inu Erases 11-Month Bear Cycle

Shiba Inu's price has stabilized around $3.26 billion, marking a significant milestone in its market capitalization. This level is no longer an obstacle but rather reliable support for the price. According to TradingView, SHIB has finally settled above its 200-day moving average, the first time this year.

This technical achievement is accompanied by strong news-driven momentum. The FSA granted a crypto service provider license to Laser Digital, a Nomura subsidiary, including SHIB among approved assets for institutional investors. A powerful short squeeze in futures also contributed to the price increase, with bears liquidated to the tune of $3.1 billion.

The end-of-summer season usually brings a lull in SHIB's price history, but this August has delivered a 15.9% gain, its best result in five years, pushing the token's total third-quarter return to a record 30.1%. With its new floor established and liquidity intact at $146.2 million daily trading volume, SHIB is poised for a potential surge.