Popular meme coin Shiba Inu, the second largest by the market capitalization value, has demonstrated staggering growth overnight, coming close to erasing another zero in its price.
The SHIB price jumped a whopping 18.32% on Friday, reaching $0.00000964. By now, a slight pullback has occurred, taking the meme coin down to the $0.00000928 level with the total 24-hour growth by now being 15.48%.
Currently, SHIB needs to add 7.43% to its value in order to erase another zero in its price and reach the $0.00001 level.
In a recent X post, a major crypto trader and podcaster Scott Melker stated that he believes SHIB may soon grow as high as $0.0000114. Although, he referred to SHIB as "useless" and said its "only utility is trading to make more Bitcoin."
The likely factors that have provoked this massive price surge of Shiba Inu is the growth of the two leading cryptos — Bitcoin and Ethereum.
On Friday, Bitcoin demonstrated a rise of 3%, reclaiming the $37,500 level for the second time this week. By now, a pullback has taken BTC back to the $36,900 zone. Ethereum soared by over 11% on Thursday, pushed by the news that the world's largest crypto asset manager BlackRock is preparing to file for an Ethereum ETF. It plans to list the new product on the Nasdaq exchange once it is approved.