Shiba Inu (SHIB), the second-largest memecoin, has made a notable surge by removing a zero from its trading value, now trading above $0.0000100. This significant price increase, which resulted in a 7% growth over the past 24 hours, is a cause for celebration within the SHIB community. The concept of “shedding a zero” has become a symbolic milestone, especially during the 2021 bull run, representing a shift in the decimal point that indicates an increase in the cryptocurrency’s value.
During the 2021 bull market, SHIB frequently eliminated zeros from its price, energizing its community. This event was not just a numerical change but also symbolized the growth in market value and investor interest in the cryptocurrency.
For the SHIB community, removing a zero from the price symbolizes overcoming barriers, reaching new market value peaks, and gaining broader recognition in the crypto world. Thus, the term transcends its literal meaning and serves as a rallying cry for the community’s optimism.
The cryptocurrency market, particularly the altcoin sector, is experiencing a general uptrend with many assets turning green. This positive trend is largely triggered by the long-awaited decision of the U.S. Securities and Exchange Commission (SEC) to approve spot Bitcoin ETFs.
The SEC’s potential approval of 11 spot Bitcoin ETFs has sparked a new wave of optimism in the crypto market, leading to a rise in altcoins, including Shiba Inu, under the leadership of Ethereum (ETH).