SHIB Erases Zero As Price Jumps 7%
The last 24 hours saw the Shiba Inu token record an increase in its price by 7%, which pushed it to intraday highs of $0.00001051.
This rally resulted in the dog-themed token reaching the milestone of erasing a zero from its price, which saw it break above $0.00001 once again.
The rise
This price increase comes after the Shiba Inu token was able to break through a crucial resistance level at $0.000009, which was also a break-even point for a number of SHIB token holders.
Data from IntoTheBlock shows that there is a huge cluster of 162.64 trillion Shiba Inu tokens that were purchased by a total of 227,830 wallet addresses at prices that range between $0.000008 and $0.000010.
It should be noted that the second-largest meme token in the market had aimed $0.00001 on two separate occasions back in the middle of February.
However, its bullish attempts had come to an end after it reached a high of $0.00001005 and had not been able to move further.
Over the weekend, the meme token had started making a recovery from the $0.000000934 and has been climbing since then.
The progress
It managed to breach the $0.00001 level, where there were a total of 29.02 trillion Shiba Inu tokens that were purchased by around 31,640 addresses.
If the SHIB token can record gains today as well, it would result in gains in four straight days in a row for the meme token.
The price increase in the Shiba Inu token also corresponds with a general rally in the crypto market, as Bitcoin managed to reach the $57,000 milestone for the first time since 2021.
Since the start of the year, there has been a 32% increase in the price of Bitcoin, as it extended a long-running rally that resulted in speculative interest in smaller tokens, such as Shiba Inu.
The next hurdle
At publishing time, the Shiba Inu token was changing hands at $0.0000102. The trading volume of the meme token has also matched the price rise.
This is because it recorded a massive increase of 201.95%, which saw it reach $360.1 million. The latest price rally has brought the SHIB token to its next big hurdle.
It is where 235,590 wallet addresses have purchased a total of 147.6 trillion SHIB tokens in the price range of $0.000010 and $0.000013, with the average price being $0.000011.
Technically, the most important level to watch on the upside is that of $0.0000105, which the SHIB token has already reached, as it did on January 11th too.
This level should be the one to watch to see if the SHIB token will continue its rally or not. If it can sustain a close above this level, then it could lead to more gains.
This could see the Shiba Inu token target the price level of $0.000011.
