All eyes are on Shiba Inu (SHIB) as the meme coin sets its sights on erasing another zero. The erasure of a zero from the Shiba Inu token price has remained a central topic within the community for months now.
Shiba Inu price analysis
The SHIB meme coin achieved this milestone in the short term but failed to sustain the momentum. This reversal action resulted in the token retreating to five zeros after the decimal point.
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However, recent trends suggest Shiba Inu has more room for growth. According to data provided by CoinMarketCap, the meme coin is currently changing hands at $0.00001245. While the price of SHIB is down on the daily and weekly charts, it is up over 3.8% over the past month.
Additionally, the rising trading volume shows that investor interest in SHIB is high. In the past 24 hours, the trading volume has increased by 11.17% to $142.35 million. The price is expected to surge as more investors continue to buy SHIB.
Erasing another zero is typically viewed as a significant milestone for the cryptocurrency. SHIB community members perceive this move as a testament to the coin's potential.
Factors backing major SHIB rally
A combination of factors, including rising trading volumes, technical analysis and historical performance, hints at a bullish SHIB rally ahead. In today’s morning trading session, SHIB climbed above the 50 EMA mark at about $0.00001295. Historically, this line has helped initiate price reversals, and it appears that this time is no exception.
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Moreover, data from Cryptorank shows Shiba Inu has an average increase of 61% in May over the past four years. In May 2021, the price of SHIB surged by an outstanding 355.4% and 13% last year. Market participants and analysts expect SHIB to continue in this trend this month.
SHIB Monthly Chart. Source: Cryptorank
The continuous removal of SHIB from circulation via token burns could also help spark a significant rally. The Shiba Inu burn rate recently skyrocketed by 468,968.55% after 18,851,865 tokens were burned in just a day.
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