common meme currency The second-largest by market capitalization value, Shiba Inu, has shown incredible increase over the past 24 hours, almost eliminating another zero from its price.
On Friday, the price of SHIB surged by an incredible 18.32%, hitting $0.00000964. The meme currency has now experienced a little decline, dropping to $0.00000928, for a total 24-hour increase of 15.48%.
At the moment, SHIB has to increase its value by 7.43% in order to remove an additional zero from its price and get to the $0.00001 level.
Renowned podcaster and cryptocurrency trader Scott Melker said in a recent X post that he thinks SHIB might rise as high as $0.0000114 in the near future. Nevertheless, he called SHIB “useless,” saying that its “only utility is trading to make more Bitcoin.”
The rise in value of Ethereum and Bitcoin, the two most popular cryptocurrencies, is probably what caused this unprecedented spike in Shiba Inu prices.
Bitcoin had a 3% increase on Friday, taking the $37,500 mark back for the second time this week. As of right moment, Bitcoin has recovered and is back in the $36,900 range. The announcement on Thursday that BlackRock, the biggest cryptocurrency asset management globally, is getting ready to submit an Ethereum ETF application sent Ethereum’s price up more than 11%. After approval, it intends to launch the new product on the Nasdaq exchange.
