Shiba Inu Avoids Adding a Zero, Rises 27% from Its Daily Low of $0.00001087

Despite the major downturn in the crypto market yesterday, Shiba Inu (SHIB) managed to avoid adding another leading zero to its price. 

August 5, 2024, is one day that crypto investors cannot forget in a hurry, as the market suffered one of its worst crashes since the FTX debacle. 

SHIB Rebounds Swiftly After Edging Close to Adding a Zero 

Notably, different crypto sectors, including the memecoin market, experienced a devastating collapse. In particular, Shiba Inu, the second-biggest memecoin by valuation, recorded a double-digit loss. 

According to data from CoinMarketCap, Shiba Inu’s price crashed over 20% yesterday to a 24-hour low of $0.00001087. The popular memecoin was a few steps away from adding another leading zero to its price, as the $0.00001 support was on the verge of giving way.

However, a few hours after hitting its 24-hour low, Shiba Inu’s price rebounded, surging to $0.00001388. This marked a 27% recovery push.

It bears mentioning 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 watchers projecting that the token was on track to reduce its leading zeros to three. 

However, this has not yet materialized. Shortly after SHIB surged to its yearly high of $0.000045, it plummeted heavily to lower levels, with one of its most significant declines occurring yesterday due to macroeconomic factors. 

Interestingly, SHIB’s price rebounded swiftly after a decline to $0.00001087. At press time, SHIB is trading at $0.00001369, an increase of 15.25% in the past 24 hours. Conversely, Shiba Inu is down 17.87% in the past seven days and 8.36% in the monthly charts. Nonetheless, the memecoin is still 33.4% high year-to-date (YTD) at the current price. 

When Will SHIB Delete Its Next Zero? 

Following the recent market developments, we assessed the potential timeline for SHIB to delete its fourth zero and hit $0.0001. 

According to analysts from crypto trading platform Changelly, SHIB could erase one of its zeros and trade at over $0.0001 by 2027, three years from now. 

The analysts foresee Shiba Inu trading at a minimum price of $0.00010398 and a maximum price of $0.00012298 by 2027. They also set SHIB’s 2027 average price target at $0.000107989. 

Also, crypto prediction platform Telegaon shares a similar sentiment, projecting that SHIB will eliminate one of its zeros by 2027. Per Telegaon, SHIB will trade at an average price of $0.000153 in 2027, less than three years from today.