Shiba Inu The price seems to be one step closer to the $0.00001 level that has been expected for a while. While the SHIB community is waiting for the meme coin to erase another zero from its price, the bulls continue to support it.
Shiba Inu reached an intraday high of $0.00000946 in Friday’s trading session and the price is trading at $0.00000943, up 3% in the last 24 hours. SHIB‘s market cap also increased to $5.56 billion, making it the 17th largest cryptocurrency by market value.
The price increase in Shiba Inu was supported by the recovery of the broader crypto market, where Bitcoin (BTC) recaptured the $47,000 level and Ethereum (ETH) reached the $2,500 level.
East Asia has launched its biggest festival of the year to commemorate the beginning of the year of the dragon, believed to be one of the luckiest seasons according to the Chinese Zodiac.
The word meaning dragon in Mandarin Chinese is pronounced similarly to the word “long,” which has become an interesting source of motivation among cryptocurrency investors. The crypto market also tends to record an interesting trend, historically seeing increases during the Chinese New Year period.
The Shiba Inu community received well wishes from the SHIB team and shared in an X post, “Happy Lunar New Year, ShibArmy, let’s make this Year of the Dragon the most prosperous eve.”
