The Shiba Inu (SHIB) community is abuzz with the possibility of SHIB "erasing another zero" from its price point.
With its current price at $0.00000794, SHIB would need to witness a roughly 25.5% gain to achieve this milestone and break the $0.00001 level.
Notably, the last time SHIB traded above the $0.000001 mark was in August, according to Binance data.
For those unfamiliar with cryptocurrency parlance, "erasing a zero" signifies a coin's tenfold price increase, shifting its decimal point to the right.
This milestone, while a symbol of growth, is met with varied reactions within the SHIB community.
Enthusiasts view it as a testament to the coin's potential and its widening acceptance.
In late 2021, SHIB witnessed a remarkable surge in its price, leading it to "erase zeroes" from its valuation. This period was particularly notable for the meme cryptocurrency as it gained 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, pushed SHIB's price to new highs.
This surge resulted in SHIB "erasing zeroes" from its valuation, a symbolic representation of its tenfold increase in price. The community and enthusiasts celebrated this achievement as it indicated the coin's growing popularity and potential for further growth. The significant uptick in price and market capitalization also positioned SHIB among the top cryptocurrencies by market cap for a period, highlighting its rapid ascent in the crypto space.
This period was crucial in cementing SHIB's position as more than just another "meme coin" and showcased the potential for community-driven cryptocurrencies to achieve substantial market valuations and interest. Still, the token is down more than 90% from its all-time peak.
Factors fueling SHIB's ascent
Several factors are influencing SHIB's recent price surge. The broader cryptocurrency market is showing signs of recovery, partly due to the approval of a Bitcoin ETF. On Sunday, Bitcoin came close to surpassing the $35,000 level.
However, much of the anticipation surrounding SHIB stems from forthcoming announcements from its development team. Shytoshi Kusama, a principal figure in the SHIB movement, has teased "significant changes" on the horizon. The official Shiba Inu X Twitter account further amplified this sentiment. Full details are to be disclosed on Oct. 31.