Shiba Inu Erases 11-Month Bear Cycle as $3.26 Billion Becomes New Price Floor

Shiba Inu (SHIB) has finally broken free from its 11-month bear cycle, according to TradingView. The token's market capitalization has stabilized around $3.22-$3.26 billion, a level that was previously seen as a major obstacle but is now providing reliable support for the price.

The coin has settled above its 200-day moving average, a milestone that marks the end of the bearish cycle that began in September last year. This technical indicator is significant because it shows that SHIB's price has recovered from its decline and is now on an upward trend.

The recovery is not just driven by technical indicators. The news backdrop is also supportive, with SHIB officially entering Japan's regulated market. The local regulator, 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.

A short squeeze in the futures market has also contributed to SHIB's price increase. Bears betting against crypto were liquidated to the tune of $3.1 billion, forcing them to buy the token on the market and push its price higher.