Shiba Inu has achieved a significant price increase since mid-September, reaching its highest point in nine months. This upward trend is primarily driven by the steadfast support of long-term holders (LTHs), bringing SHIB under the spotlight.

Although Shiba Inu has often remained unnoticed, being overshadowed by DOGE, PEPE and other prominent tokens, recent developments have turned the spotlight onto the meme coin. Notably, a decision by the US government concerning SHIB has stirred interest.

The sale of SHIB tokens, confiscated during the FTX Alameda scandal, resulted in a market uproar despite the relatively modest $1.5 million value. This event has piqued the curiosity of both crypto enthusiasts and investors.

Increased macro momentum also bolsters Shiba Inu's trajectory. The MVRV (Market Value to Realized Value) Long/Short Difference reveals strong LTH support for SHIB. As these investors see profits and choose to hold rather than sell, they help stabilize SHIB's price. Their commitment indicates that the current price rise might be a sustained trend rather than a fleeting spike. Continued gains for long-term holders lessen the chance of a significant sell-off.

In recent activity, Shiba Inu surged by 10% within 24 hours, reaching a price of $0.00003169, thus hitting a nine-month high. This spike rekindled investor interest, suggesting the possibility of surpassing the key resistance level at $0.00003515. Successfully overcoming this barrier would pave the way for new price targets.

Conversely, should SHIB fall through its present support level of $0.00002976, it might drop to $0.00002267, undermining the bullish sentiment.

Shiba Inu's ascent to a nine-month high underscores the pivotal role of long-term holder backing in shaping the future price trajectory.