Shiba Inu Price Erases One Zero as Traders Shift Focus to SHIB

Shiba Inu’s price has erased one zero as it reaches the key level of $0.000010. This is significant as Shiba Inu has traded with five zeroes in its price since May as it resorted to trading below the $0.000010 mark.

The bulls pushed SHIB above this psychological level on Aug. 5, but the bears were not willing to give up ground.

In another retest, SHIB is taking a shot at this critical level once more after days of rallying. Given the significance of this price level, bulls are battling fiercely to retain the rise above $0.000010, as this might hold further gains for SHIB.

At the time of writing, SHIB was marginally higher, up 0.17% in the last 24 hours to $0.00001005. Shiba Inu has been on a steady rise since hitting a low of $0.000006 on June 10.

Shiba Inu went on to breach the $0.0000081 barrier as the rally sustained. Shiba Inu bulls are currently defending the $0.000010 level which, if successful, may see SHIB target the $0.000011 range.

SHIB social volume jumps 65% as traders shift focus to SHIB

On-chain analytics firm Santiment observes that as most mid- and small-caps are struggling to gain any traction on the weekly time frame, Shiba Inu is shining.

📊 Prices are mildly up for #altcoins today, but most mid & small caps are still struggling to gain any traction on the weekly timeframe. Many traders have shifted their focus to #ShibaInu, as the #memecoin is one of the few bright spots. $SHIB is +19% with rising social volume. pic.twitter.com/RNXashVDQo

— Santiment (@santimentfeed) August 10, 2023

Santiment states that many traders have shifted their focus to Shiba Inu, as it sustains in the green. Shiba Inu is seeing 65% more social volume as its price jumps 19% weekly. 

Shiba Inu remains a top gainer weekly as the market persists in lackluster trading. Taken from Aug. 8, a positive close in today’s trading would mark SHIB’s fourth day of gains in a row.

Crypto research firm Kaiko observes a surge in developer activity on the Shiba Inu network. This, it says, contributed to SHIB’s rise since the start of July. This is so as the community anticipates Shibarium’s big mainnet release, the introduction of TREAT and other upcoming innovations.