Shiba Inu's Price Surge Attributed to Long-Term Holder Support

Shiba Inu has seen significant price growth since mid-September, reaching a nine-month high. The upward trend is largely driven by long-term holders (LTHs) showing unwavering support for SHIB.

The sale of SHIB tokens confiscated during the FTX Alameda scandal generated market interest despite its relatively modest value of $1.5 million. This event has piqued the curiosity of both crypto enthusiasts and investors.

According to recent data, LTHs are holding onto their SHIB investments rather than selling them, which is bolstering the token's price trajectory. Their continued commitment indicates that the current price rise may be a sustained trend rather than a fleeting spike.

SHIB surged by 10% within 24 hours, reaching a price of $0.00003169 and rekindling investor interest. If SHIB successfully overcomes its key resistance level at $0.00003515, it could pave the way for new price targets.