Dog-themed Shiba Inu (SHIB) might be on the verge of a breakthrough as its price approaches the much-sought-after $0.00001 level. SHIB enthusiasts are eagerly expecting the coin to "erase another zero" from its price, and it seems that the bulls are taking action.
Shiba Inu reached an intraday high of $0.00000946 in Friday's trading session and is currently trading at $0.00000943, up 3% as of writing. SHIB's market cap has also risen to $5.56 billion, making it the 17th-largest cryptocurrency by market cap.
The price surge of SHIB coincides with the recovery of the broader crypto market, which has seen Bitcoin (BTC) retake the $47,000 level and Ethereum (ETH) reach the $2,500 mark.
Bitcoin surged around $48,000, reaching a one-month high, bolstered by hints of consistent inflows into a batch of U.S. funds as well as increased focus on the halving event scheduled for April.
The rest of the crypto market followed suit, with dog coins like Shiba Inu gaining traction.
East Asia ushered in its biggest festival of the year, commemorating the start of what is believed to be one of the luckiest seasons according to the Chinese Zodiac: the year of the dragon.
The Mandarin Chinese word for dragon is pronounced similarly to "long," which increases memetic value among cryptocurrency traders. The crypto market has also historically seen increases around the Chinese New Year period.
The Shiba Inu community received well wishes from the SHIB team, whicg wrote in an X post, "Happy Lunar New Year, ShibArmy, Let's make this Year of the Dragon the most prosperous eve."
In related news, Digarch, a Shib community member, observes a new feature addition to Shibarium Explorer as AI Features Arrive on Blockscout Block Explorer: "Very nice to see simplified AI transactions showing on Shibarium courtesy of Blockscout."