In the last 24 hours, Shiba Inu (SHIB) has decreased by over 2% in price value amid market volatility and whale activity. This has raised concerns in some quarters as to whether the dog-themed meme coin might experience a further decline and add another zero.
According to CoinMarketCap data, Shiba Inu is trading at $0.00001259, representing a 2.68% dip in the last 24 hours. However, trading volume remains high, increasing 89.07% at $271.45 million within the same time frame.
For SHIB to add another zero to its price, the meme coin would have to crash below the $0.000010 support. The last time Shiba Inu dropped to such depths was in February 2024, when it traded at $0.000009738.
Although SHIB tested this support in early April 2025, broader ecosystem developments suggest the chances of suffering such a decline are low.
Notably, Shiba Inu, like other altcoins, enjoys a boost when Bitcoin (BTC) soars in price. Despite an ongoing correction, Bitcoin is currently in a state of price discovery. Investors remain optimistic about a price breakout soon.
This sentiment can lead to increased buying activity and price appreciation for Bitcoin and Shiba Inu. This suggests that despite the volatility SHIB is experiencing on the crypto market, the odds of it adding another zero remain low.
As U.Today reported, SHIB holders remain optimistic that SHIB might appreciate as the open interest recently flipped positive. Shiba Inu recorded a 2.03% spike in open interest as SHIB holders bet heavily on a price rebound.
However, SHIB holders have a historical battle to contend with as June has always been a bearish month for the meme coin. The meme coin has not closed green in June for a long time, but history is made and broken instantly.
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