The Shiba Inu network is setting its sights on a significant milestone in the world of cryptocurrencies: the eradication of a decimal point. In crypto lingo, “eliminating a zero” is the term used when a coin’s price increases tenfold, effectively shifting its decimal point to the right. While this journey may be lengthy, it is by no means unattainable, and the SHIB community is abuzz with anticipation.
With Shiba Inu’s (SHIB) current price standing at $0.00000793, the community is optimistic about SHIB’s prospects for destroying another zero from its price point. To accomplish this feat and breach the $0.00001 level, SHIB would need to achieve a gain of roughly 25.5%. Notably, the last time SHIB traded above the $0.000001 mark was back in August, as per Binance’s data.
Amidst this development, the SHIB market saw a recent decrease in trading volume. While some may find this worrisome, others interpret it as a positive signal. Reduced trading volume often signifies a decrease in selling pressure. With fewer sellers participating in the market, SHIB finds itself supported at a robust level.
This decrease in selling pressure, combined with the fact that fewer people are trading SHIB, suggests a prevailing sentiment of positive buying. When demand outpaces supply, prices tend to rise, even with lower overall trading volume.
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Will Shiba Inu continue its uptrend?
SHIB’s recent upswing can be attributed to various factors. This includes a surge in interest from retail investors, heightened media coverage, and speculative trading. Furthermore, the broader cryptocurrency market has shown signs of recovery, partially influenced by the approval of a Bitcoin Exchange-Traded Fund (ETF), as Bitcoin itself edges closer to the $35,000 threshold.
However, much of the optimism surrounding SHIB hinges on imminent announcements from its development team. Shytoshi Kusama, a prominent figure within the SHIB community, has hinted at “significant changes” on the horizon. The developer further fueled the excitement surrounding this meme-inspired cryptocurrency.
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As SHIB enthusiasts eagerly await these developments, the cryptocurrency world closely monitors the potential for SHIB. In particular, they aim to discard another zero from Shiba Inu and make a remarkable leap in price. While the journey may be arduous and fraught with uncertainty, the SHIB community remains steadfast in its mission to witness this crypto coin ascend to new heights.