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The second-largest memecoin Shiba Inu (SHIB) has made a noticeable exit by shedding another zero from its transaction value. The price of the meme-inspired altcoin has seen a noteworthy rise and is currently trading above the $0.0000100 level. The removal of a zero from the price with many zeros came with a growth of up to 7% in the last 24 hours.
The Significance of Dropping a Zero from SHIB’s Price
In the Shiba Inu community, especially during the major bull run of 2021, the concept of “dropping a zero” has become a symbolic and celebratory milestone. This expression refers to the price of SHIB gaining value while dropping a decimal place, that is, moving the decimal point one place to the right.
During the bull market of 2021, SHIB often removed zeros from its price, becoming a phenomenon that energized its community. This event is not just a numerical change, but also significant as a representation of the growth in the cryptocurrency’s market value and investor interest.
For the SHIB community, dropping a zero from the price symbolizes overcoming barriers, reaching new peaks in market value, and gaining wider recognition in the world of cryptocurrency. Therefore, this term goes beyond its literal meaning, serving as a rallying cry for the community’s optimism.
Altcoin Market Shows Strength Led by Ethereum
The cryptocurrency market, particularly the altcoin market, is facing an overall uptrend with many assets turning green. This positive trend has been largely triggered by a long-awaited decision by investors, the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC).
The SEC’s approval of 11 spot Bitcoin ETFs has caused a new wave of optimism to hit the cryptocurrency market, leading to a rise in altcoins, including Shiba Inu, under the leadership of Ethereum (ETH).
