Shiba Inu (SHIB) on Track to Erase Zero After Price Spike

The cryptocurrency Shiba Inu (SHIB) has witnessed a notable increase in its trading price, now sitting at $0.00009335, which marks a 3.3% rise. The meme-based crypto token currently ranks #19 in terms of market capitalization. 

The 24-hour trading range has been relatively stable, with the price hovering between $0.00008947 and $0.00009398.

The second-largest meme coin is currently valued at $5.5 billion. Over the last 24 hours, it has seen a rather modest trading volume of $145 million.

The zero-erasing milestone

For the Shiba Inu community, the prospect of “erasing a zero” in its price is a significant milestone. This term refers to the price moving up a decimal place, a symbolic achievement for any cryptocurrency, particularly for those with a low unit price like SHIB. 

Despite this recent surge, it’s essential to note that SHIB is still down 89% from its all-time high of $0.00008616, achieved on October 28, 2021, over two years ago

The current bullish trend is positive for the meme coin star, but the cryptocurrency has yet to reach its past glory.

The top-performing meme coins

As of Tuesday, the performance of the top meme coins by market capitalization shows a varied landscape. Dogecoin (DOGE), the pioneer in this category, is ranked at #11 with a price of $0.08128. 

It has seen a slight 0.1% decrease in the last hour but a 3.0% increase over the past seven days, with its market cap standing at $11,617,888,656. 

Shiba Inu (SHIB), at #19, closely follows with a 3.1% weekly gain. 

Other notable players include Bonk (BONK) at #97, experiencing a notable 12.1% increase over the week, and CorgiAI (CORGIAI) at #126, showing a more modest 0.6% weekly growth. 

Pepe (PEPE) and dogwifhat (WIF) also demonstrate diverse trends in the meme coin category, reflecting the dynamic and often unpredictable nature of this market segment.

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Alex Dovbnya