Shiba Inu Spikes as SHIB Approaches $0.00001

Shiba Inu has taken a major leap toward eliminating a zero from its price as it surged 4% in 24 hours to $0.00000931.

According to data from CoinMarketCap, Shiba Inu (SHIB) is up 4.1% in the past 24 hours to $0.00000931. This slight rally took SHIB closer to the psychological mark of $0.00001. Despite registering a 4.1% surge on the daily charts, SHIB is still 6.9% down from the $0.00001 price level.

SHIB’s January Performance

It is worth mentioning that Shiba Inu has been trading with five zeros after its decimal for most part of the month.

SHIB first plunged below the $0.00001 mark on January 3 after Matrixport Research reported that the U.S. SEC would likely deny all Bitcoin spot ETF applications. However, SHIB’s price rebounded a few days later, rallying to $0.00001050 after the SEC approved all 11 Bitcoin spot ETFs.

The rally was short-lived, with SHIB being in red since January 12. The price dip of SHIB alongside other altcoins is major because TradFi’s interest in the approved Bitcoin funds did not meet expectations.

In addition, Grayscale has been moving huge amounts of Bitcoin to Coinbase, which has negatively impacted the prices of BTC alongside altcoins like SHIB.

Over the past 24 hours, SHIB has recorded a 4.1% surge, moving it closer to the $0.00001 mark.

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Aside from its price, Shiba Inu has also recorded massive gains in terms of its 24-hour trading volume. In the hours leading up to press time, SHIB’s 24-hour trading volume is up 53% to $126.05 million.

Also, the canine-themed token is ranked as the 17th-largest cryptocurrency with a market capitalization of $5.46 billion. SHIB is currently ranked behind Internet Computer (ICP), which has a market cap of $5.56 billion.

Can SHIB Surpass Its ATH in Upcoming Bull Run

While some investors consider SHIB’s potential rally to $0.00001 a significant milestone, others are more interested in seeing the token surpass its previous all-time high (ATH).

For context, Shiba Inu is currently down 89.2% from its ATH of $0.00008616. The cryptocurrency achieved this feat on October 28, 2021, over two years ago.

Although things might be going slow for SHIB currently, many investors are still confident that the cryptocurrency will surpass its previous ATH at the peak of the upcoming bull market.