Shiba Inu Jumps to 12th in Crypto Rankings, Can $SHIB Delete Another Zero From its Price ?

By Prashant Jha
October 7, 2021 Updated October 7, 2021
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Shiba Inu ($SHIB), the meme currency has carried its bullish momentum for three days now, rising over 350% over the past week. The altcoin’s bullish surge helped it to first break into top-20 and earlier today it briefly rose to the 12th spot leaving behind the likes of Litecoin ($LTC) and Chainlink ($LINK) briefly. $SHIB price rose to a daily high of $0.0000346 after rising 0ver 50% for the day.

Source: TradingView

The altcoin has made double-digit gains over the past four days that have helped the nearly forgotten altcoin to make crypto headlines again. During this ongoing bull rally, $SHIB managed to delete a zero from its price after nearly four months of price inactiveness. The price momentum was attributed to Elon Musk’s weekend tweet about his Floki Puppy, but most of the trading is being done by retail readers something which was observed during Dogecoin’s mammoth rally earlier this year.

Another reason is believed to be the massive Whale buying spree as $SHIB whales bought nearly 6.3 trillion Shiba Inu tokens in just the past two days. $SHIB trading volumes on exchanges are currently outdoing Bitcoin and Ethereum which suggests that the demand for the meme coin is quite high at present.

Can $SHIB Delete Another Zero From its Price?

$SHIB managed to remove a zero from its price over the past week amid a mammoth three-digit rally and looking at the third consecutive day of double-digit gains. The altcoin is only 24% short of its all-time high of $0.0000388, breaking which it could enter a price discovery mode and might delete another zero from its price in the coming week.

In the first leg of this bull run, Dogecoin led the charge, and its mammoth rise rub onto other meme coins as well. However, this time around when $SHIB is on the verge of breaking an ATH, $DOGE remains highly inactive and currently trading under the $0.30 mark. $DOGE might also breakout in the coming days as October begins on a bullish note for the crypto market.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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