Despite yesterday’s massive slide in the cryptocurrency markets, Shiba Inu (SHIB) has managed to avoid adding another leading zero to its price.
August 5, 2024 is a day that cryptocurrency investors will not forget as the market suffered one of the worst crashes since the FTX debacle.
SHIB rebounded quickly after approaching zero
Notably, different cryptocurrency sectors, including the memecoin market, experienced a devastating crash. In particular, Shiba Inu, the second-ranked memecoin by valuation, saw double-digit losses.
The price of Shiba Inu plunged more than 20% yesterday to a 24-hour low of $0.00001087, according to CoinMarketCap. The popular memecoin is just a few steps away from adding another leading zero to its price as support at $0.00001 is about to break down.
However, a few hours after hitting a 24-hour low, the Shiba Inu price rebounded, surging to $0.00001388. This marked a 27% recovery boost.
It’s worth noting that the last time SHIB traded with five leading zeros was in late February. A few days later, it surged to a yearly high of $0.000045, with many market observers predicting that the coin is on track to reduce its leading zeros to three.
However, this goal has not yet been achieved. Soon after surging to a yearly high of $0.000045, SHIB has fallen sharply to lower levels, with the worst of the declines occurring yesterday, due to macroeconomic factors.
Interestingly, SHIB’s price quickly rebounded after falling to $0.00001087. At press time, SHIB is trading at $0.00001369, up 15.25% in the past 24 hours. Conversely, Shiba Inu is down 17.87% in the past seven days and 8.36% on the monthly chart. Nonetheless, the memecoin is still up 33.4% year to date (YTD) at current prices.
When will SHIB drop its next zero?
Based on recent market developments, we assess the potential timeline for SHIB to remove the fourth zero and reach $0.0001.
According to analysts at crypto exchange Changelly, by three years from now, in 2027, SHIB could erase one of its zeros and trade at over $0.0001.
Analysts expect SHIB to trade at a low of $0.00010398 and a high of $0.00012298 by 2027. They also set their average price target for SHIB at $0.000107989 for 2027.
Additionally, crypto prediction platform Telegaon has a similar take, predicting that SHIB will eliminate a zero in 2027. According to Telegaon, by 2027, less than three years from now, SHIB will trade at an average price of $0.000153.
