Excitement runs high within the Shiba Inu (SHIB) community as the possibility of SHIB shedding another zero looms on the horizon. Priced at $0.00000794 currently, SHIB needs to stage a roughly 25.5% surge to reach the $0.00001 mark.
Reducing Another Zero From it’s Price
The Shiba Inu (SHIB) cryptocurrency is on the verge of a significant milestone, closely watched by the community as it aims to trim one more zero from its current price of $0.00000794.
The last time SHIB was above $0.000001 was back in August. Back then, SHIB saw a significant increase in its price, and it was a time when many regular investors and the wider crypto community noticed it.
As previously projected by Coinpedia, a forecast indicated that Shiba Inu (SHIB) might reach $0.00001 by Q4 2023. It appears that SHIB is moving in that direction, with the coin needing to experience a roughly 25.5% surge from its current price.
However, it’s important to note that SHIB’s current price is down over 90% from its all-time high.
SHIB’s Volume Drop: Bullish Hint?
Recent days have seen a decline in SHIB’s trading volume, which some interpret as a promising sign. Meanwhile, reduced volume often suggests decreased selling pressure. With fewer sellers in the market, SHIB stands at a strong near support.
If the majority of orders are for buying, even with lower overall volume, it points to a net positive buying sentiment. This can lead to higher prices because there’s more demand than supply.
Another interesting thing is that even though fewer people are trading SHIB, the price hasn’t dropped. Instead, it’s been going up, showing that more people want to buy than sell.
Factors Powering SHIB’s Rise
Several factors have propelled SHIB’s rise, including mounting interest from retail investors, increased media coverage, and speculative trading.
Moreover, the broader crypto market is displaying signs of revival, partially attributed to the approval of a Bitcoin ETF. Bitcoin itself is inching closer to the $35,000 level.
Nevertheless, much of the excitement surrounding SHIB stems from the imminent announcements by its development team. Shytoshi Kusama, a prominent figure in the SHIB community, has teased “significant changes” on the horizon.
The official Shiba Inu X Twitter account has echoed this sentiment, with full details set to be unveiled on October 31.