Shiba Inu Eyes Shedding Another Zero Amid Brewing Community Optimism

Shiba Inu (SHIB) has a short-term goal of erasing one more zero, a move that shows its potential to hit higher price levels.

Destroying one zero from Shiba Inu’s current price of $0.000007895 will imply moving the decimal point forward. Attaining this goal is possible in the mid-term if SHIB soars by at least 25% from the current price point.

Shiba Inu Historical Metrics

The push to drive Shiba Inu’s price toward the $0.00001 price mark is not a feat it has not recorded in the past. With an All-Time High (ATH) of $0.00008845, Shiba Inu proves that canceling out a zero is attainable.

The token has plunged up to 91% since attaining this ATH on the back of erratic market sentiment due to the crypto winter. Though SHIB has showcased strong resilience in recent times, the 31.36% slump in its trading volume highlights a bull-bear case scenario.

– Advertisement –

A depressed trading volume is a sign of buying sentiment which can keep prices down. When users are not accumulating, the prospects of price recovery in the long term become slim. On the other hand, more vision-driven investors might consider this negative metric a baseline for the gradual breakout in price.

Low buying pressure accompanied by periods of elongated price suppression marks an entry point for investors who may think the worst is over. This latter sentiment is playing out at the moment as SHIB is up 1.98% to $0.000007879. The token’s market capitalization has also recovered, jumping at a similar rate to $4,644,702,487.

Triggers to Aid SHIB Resurgence

For Shiba Inu to continue on its upward trend, a mix of internal and external factors must align. The current Bitcoin spot ETF sentiment in the United States served as the industry’s central theme for October. With rumors about BlackRock’s approval, the market picked up momentum, led by Bitcoin, with significant rub-offs on altcoins like SHIB.

The speculation continues to grow that the SEC will approve the product in the coming months, with some categorically predicting its emergence this year. Based on projections, an actual approval of Bitcoin ETF may spark the next bull run, favoring Shiba Inu remarkably.

The development team behind Shiba Inu and its associated protocols have teased notable solutions they are working on. The prospects of these solutions are worth banking on for SHIB holders and community members in the bid to erase a zero and perhaps, chart the long ride toward the ultimate $0.01 price target.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://thecryptobasic.com/2023/11/06/shiba-inu-eyes-shedding-another-zero-amid-brewing-community-optimism/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-eyes-shedding-another-zero-amid-brewing-community-optimism