After enjoying a massive rally of 27%, Shiba Inu has finally eliminated a zero from its price.
Shiba Inu achieved the milestone in the late hours of yesterday following a massive spike in cryptocurrency prices. Aside from Shiba Inu, other cryptos, including Bitcoin, have also enjoyed an enormous rally recently. As reported, Bitcoin spiked to $21K after an anonymous entity purchased $4 billion worth of BTC in the futures market.
SHIB Surges Over 27% In A Week
Shiba Inu is up 27.3% in the past week, a move that helped the Shib to eliminate a zero. At the time of writing, Shiba Inu is trading at $0.00001076, up 13.4% in the past 24 hours.
Recall that Shiba Inu added a zero to its price following the collapse of FTX. SHIB, which was trading around $0.00001080 on November 8, fell to a low of $0.00000850 the following day due to the failure of the former leading cryptocurrency exchange.
Since SHIB added a zero to its price, the crypto asset had struggled to return to its glory days, where it traded above $0.00001. Interestingly, Shiba Inu finally achieved the feat in the late hours of yesterday, following a massive 27.3% rally in the past week.
Recent Events That Helped SHIB to Burn A Zero
It is worth noting that Shiba Inu was finally able to eliminate a zero due to several significant events that have taken place in the SHIB’s ecosystem this year.
TheCryptoBasic reported that Binance drastically reduced the number of Shiba Inu in circulation on January 10 by staking 4T units of the crypto asset. Two days later, leading cryptocurrency payments processing company CoinGate expanded Shiba Inu’s use as a payment method. CoinGate partnered with the global SaaS platform Wix to enable European merchants to accept Shiba Inu payments.
In addition, the team behind the development of Shibarium announced that the upcoming layer-2 scaling network would be able to burn SHIB tokens, thus reducing the crypto asset’s supply. Last week, CertiK ranked Shiba Inu’s decentralized exchange ShibaSwap as the most-watched DEX on the platform.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
