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Dropping Zeros has become synonymous with Shiba Inu Coin. It is now the coin’s market signature with investors anticipating when the next zero could fall.
Recently, the coin dropped a zero after rallying by around 500% within a few days. This rally had the coin getting to an all-time high price and market valuation. To most investors, the dropping of zeros is a sign of prosperity and profitability. This is because when a zero is gone, investors’ profits grow.
Analysts agree the coin could still lose zero with a month before the year ends. To achieve this, it needs at least a 100 % price rise. For a stranger, this may sound like an impossible task. However, for those familiar with the coin, this is single-day volatility.
What is Shiba Inu Coin?
SHIB is a decentralized token that supports peer-to-peer transactions. Since its launch in 2020, the coin continues to grow both in price and market valuation.
It is famously known as the dogecoin killer due to its similar and competitive characteristics with dogecoin. One main similarity is in their naming. Both have dog names.
They also have the label of meme coins due to their initial lack of utilization capabilities. However, Shiba is working to change this perception by continuous value addition and innovations. Currently, the coin supports NFTS and is in the process of launching its gaming metaverse.
Several factors both in the macro and micro levels could see the coin losing another zero before the year’s end.
High Inflation levels
Global inflation levels have been rising this year forcing investors to look for alternative safe assets for defensive hedging. Due to the growth and deflationary measures of cryptocurrencies, they are becoming the assets of choice against inflation.
As a top cryptocurrency, Shiba coins with others such as Bitcoin and Ethereum have become the lead beneficiaries in this drive. As more money flows into the coins, the chances of their price rising and dropping another zero remain high.
This shift to cryptocurrencies is partly responsible for the market hitting a 3 trillion market value a few weeks ago. The highest ever since the first coin came online in 2009.
Inflation levels don’t seem to slow down and predictions indicate they could spill over into the new year.
Shiba Gaming Metaverse and Non-fungible Tokens
In mid-October, Shiba launched its first NFT tokens known as Shiboshis. This is a list of 10,000 unique images that are tradeable on the ShibaSwap platform. Joining the NFT marketplace makes Shiba among the leaders in this industry.
Since their launch, these NFTs have been attracting huge market transaction volumes. A sign of demand and competitiveness.
Riding in these NFT images, Shiba is planning to create its first metaverse games known as Shiboshis games. Although they are not ready, the network has made some steps such as hiring David Volk who is a renowned gaming professional with over 30 years of experience.
These products are likely to contribute immensely to growing the coins price which is key to dropping another zero. Hopefully, this could happen before the year closes.
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