In a promising move that underscores Shiba Inu’s potential for higher price levels, the cryptocurrency is setting its sights on eliminating one more zero from its current price of $0.000008106. Achieving this goal, which involves shifting the decimal point forward, is a realistic mid-term target if SHIB can rally by at least 25% from its current price point.
Shiba Inu’s Historical Performance
Striving to drive Shiba Inu’s price towards the $0.00001 mark is not uncharted territory for the cryptocurrency. With an All-Time High (ATH) of $0.00008845, Shiba Inu has demonstrated its ability to erase a zero from its value.
However, it’s essential to note that Shiba Inu has experienced a significant 91% decline since reaching this ATH, primarily influenced by erratic market sentiment during the crypto winter. While SHIB has shown considerable resilience recently, a 30.68% decline in its trading volume indicates a potential bull-bear scenario.
Interpreting Low Trading Volume
A decrease in trading volume often signifies a lack of buying sentiment, which can exert downward pressure on prices. When users are not accumulating the token, the prospects for long-term price recovery become uncertain.
On the other hand, visionary investors might view this negative metric as a starting point for a gradual price breakout.
Currently, SHIB is on an upward trajectory, gaining 0.51% to reach $0.000008119. Simultaneously, the token’s market capitalization has also rebounded, increasing at a similar rate to $4,783,601,958.
Catalysts for SHIB Resurgence
To sustain its upward momentum, Shiba Inu must align various internal and external factors. In October, the prevailing sentiment in the cryptocurrency industry revolved around the possibility of a Bitcoin spot ETF in the United States. Rumors of BlackRock’s potential approval fueled market enthusiasm, benefitting not only Bitcoin but also altcoins like SHIB.
Speculation continues to mount regarding the SEC’s potential approval of the Bitcoin ETF in the coming months, with some experts predicting its emergence within the year. If these projections hold through, the approval of a Bitcoin ETF could ignite the next bull run, offering substantial support to Shiba Inu.
Moreover, Shiba Inu’s development team has teased significant solutions they are actively working on. The potential of these solutions represents a compelling reason for SHIB holders and community members to remain optimistic about the prospect of shedding another zero and moving closer to the ultimate $0.01 price target.