Shiba Inu Breaks Downtrend with $3.26B Market Cap

Shiba Inu (SHIB) has broken an 11-month downtrend and is showing signs of recovery. The token's market capitalization has stabilized around $3.26 billion, a new price floor that may indicate a trend reversal.

This change is partly due to SHIB's entry into Japan's regulated market and a significant short squeeze in futures trading, totaling over $3.1 billion. Additionally, the token has surpassed its 200-day moving average for the first time this year, which could signal a potential shift in the market.

Shiba Inu's performance is also reflected in its futures trading volume, which exceeded $50 million on OKX. The token briefly rose above $0.0000060 before settling near $0.00000547, with traders showing strong interest.