Shiba Inu (SHIB) world is shaken by the possibility of removing a zero from SHIB’s price. Reaching this milestone and surpassing the $0.00001 level corresponds to a 25.5% increase. According to the data provided by Binance, SHIB last traded above $0.000001 in August.
The Upcoming “Zero Removal” Operation in SHIB
For those unfamiliar with the crypto language, “removing a zero” in an altcoin means a tenfold increase in price and shifting the decimal point to the right. This milestone is not only a significant symbol of growth, but also creates great excitement in the Shiba Inu world. Enthusiasts see this as proof of the altcoin’s potential and expanding acceptance.
In late 2021, there was a significant increase in the price of SHIB and zeros were continuously removed from the price. At that time, the altcoin was particularly notable due to the significant interest it received from individual investors and the general crypto market. The increased interest from individual investors, media attention, and factors such as speculative trading propelled SHIB to new heights.
This increase resulted in the removal of zeros from SHIB’s valuation, symbolically representing the tenfold increase in price. The active community and enthusiasts of the altcoin constantly celebrated this as a demonstration of SHIB’s increasing popularity and further growth potential. The significant increase in price and market value highlighted SHIB’s rapid rise in the cryptocurrency market, placing it in the top 10 of altcoins by market value for a period.
During that time, SHIB strengthened its position as more than just a memecoin and demonstrated the potential for community-focused altcoins to achieve high market values and interest. However, the altcoin is currently trading nearly 90% below its all-time high.
Factors Supporting SHIB’s Rise
Various factors are influencing SHIB’s recent price increase. The overall cryptocurrency market is showing signs of recovery partly based on the possibility of a spot Bitcoin ETF being approved. Over the weekend, the price of Bitcoin (BTC) once again approached the $35,000 level.
However, most of the expectations surrounding SHIB are driven by announcements from the development team. The latest factor that has moved SHIB’s price is the announcement by Shytoshi Kusama, one of the leading figures in the Shiba Inu world, that there are significant changes on the horizon. A post on Shiba Inu’s official X (formerly Twitter) account increased expectations in this direction, pointing to October 31.
