Shiba Inu Breaks Bear Cycle with $3.26B Price Floor and Record Q3 Return

Shiba Inu (SHIB) has erased an 11-month bear cycle after establishing a new price floor at $3.26 billion, according to Bitget.

The token's market capitalization has stabilized around this level, and the price has finally settled above its 200-day moving average, a key technical indicator that suggests a potential reversal in trend.

This move is not just driven by technical analysis; it also benefits from a strong news backdrop. SHIB is now officially entering Japan's regulated market after the FSA granted a crypto service provider license to Laser Digital, a subsidiary of traditional financial giant Nomura, and included SHIB among the assets approved for institutional investors.

Additionally, a powerful short squeeze in the futures market has helped push the price higher. Bears betting against crypto were liquidated to the tune of $3.1 billion, forcing them to buy back into the market and drive up the price.

SHIB is also bucking historical trends by posting its best August result since 2017 with a 15.9% gain, and its total third-quarter return has reached a record 30.1%.