The Shiba Inu (SHIB) community is asset with the possibility of SHIB “deleting another zero” from its price.
With its current price at $0.00000794, SHIB would need to witness a gain of approximately 25.5% to reach this milestone and surpass the $0.00001 level.
Notably, the last time SHIB traded above the $0.000001 mark was in August, according to Binance data.
“Deleting zeros”
For those unfamiliar with cryptocurrency parlance, “deleting a zero” means that the price of a coin is multiplied by ten, shifting its decimal point to the right.
This milestone, while a symbol of growth, generates mixed reactions within the SHIB community.
Enthusiasts see it as a testament to the currency’s potential and its growing acceptance.
At the end of 2021, SHIB witnessed a notable rise in its price, leading it to “delete zeros” from its valuation. This period was particularly notable for the meme cryptocurrency as it attracted significant attention from both retail investors and the broader cryptocurrency community.
A combination of factors, including growing interest from retail investors, increased media coverage and speculative trading, drove the price of SHIB to new highs.
This increase caused SHIB to “delete zeros” from its valuation, a symbolic representation of its tenfold price increase. The community and enthusiasts celebrated this achievement as it indicated the growing popularity of the coin and its potential for further growth. The significant rally in price and market capitalization also positioned SHIB among the top cryptocurrencies by market capitalization for a period, highlighting its rapid rise in the crypto space.
This period was crucial in cementing SHIB’s position as more than just another “meme coin” and showed the potential for community-driven cryptocurrencies to achieve substantial valuations and market interest. Still, the token is down more than 90% from its all-time peak.
Factors driving the rise of SHIB
Several factors are influencing the recent SHIB price increase. The broader cryptocurrency market is showing signs of recovery, in part due to the approval of a Bitcoin ETF. On Sunday, Bitcoin came close to breaking above the $35,000 level.
However, much of the anticipation surrounding SHIB comes from upcoming announcements from its development team. Shytoshi Kusama, a leading figure in the SHIB movement, has teased “significant changes” are on the horizon. The official Shiba Inu X Twitter account further amplified this sentiment. Full details will be released on October 31.
