Dog-themed Shiba Inu (SHIB), whose price is getting close to the much sought-after $0.00001 mark, may be about to make a breakthrough. The currency is expected to “erase another zero” off its price, as SHIB aficionados have been excitedly anticipating, and it appears that the bulls are acting.
As of this writing, Shiba Inu is up 3% to $0.00000943 after hitting an intraday high of $0.00000946 during Friday’s trading session. With a $5.56 billion market capitalization, SHIB is now the 17th-largest cryptocurrency in terms of market capitalization.
SHIB’s price increase is in line with the general cryptocurrency market’s resurgence, which has seen Ethereum (ETH) hit $2,500 and Bitcoin (BTC) reclaim the $47,000 mark.
A month-long high of $48,000 was reached by Bitcoin thanks to indications of steady inflows into a group of U.S. funds and heightened attention to the April halving event.
The cryptocurrency industry as a whole adopted this strategy, and dog currencies like Shiba Inu gained popularity.
With the arrival of the year of the dragon, considered to be one of the luckiest in the Chinese Zodiac, East Asia celebrated the beginning of its largest celebration of the year.
The Mandarin Chinese term for dragon is pronounced like “long,” which makes it more valuable to bitcoin traders memetically. Historically, the Chinese New Year time has also seen growth in the cryptocurrency market.
The SHIB team sent greetings to the Shiba Inu community, writing in an X post, “Happy Lunar New Year, ShibArmy, Let’s make this Year of the Dragon the most prosperous eve.”
As AI Features Arrive on Blockscout Block Explorer, Digarch, a member of the Shib community, notes a new feature enhancement to Shibarium Explorer. “Very nice to see simplified AI transactions showing on Shibarium courtesy of Blockscout.”
