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Dog-themed cryptocurrency Shiba Inu (SHIB) is showing impressive momentum, rising nearly 50% in the last 24 hours.

Shiba Inu's recent performance has been nothing short of remarkable, gaining 70% since the past week. The overall sentiment in the cryptocurrency market has been bullish, with many investors searching for opportunities in the altcoin market. This positive sentiment has been a driving force behind SHIB's recent gains.

As of now, SHIB is trading at $0.0000271 after reaching intraday highs of $0.0002799. Shiba Inu's current gain has lifted the cryptocurrency over $0.0002169, a level that had held its price back since June, and to a level where it might potentially break into a higher price range if momentum sustains.

This is prompting speculation that SHIB could soon erase a zero from its value, which would remove a decimal place from its price.

To achieve this, SHIB would need to reach $0.0001, a level that would represent a significant price milestone. While this goal may seem ambitious, the recent price action suggests that it is within the realm of possibility.

What's next for Shiba Inu's price

Shiba Inu’s rapid price increase has stunned the market, with SHIB climbing steadily since yesterday's session amid strong buying pressure.

Shiba Inu rose sharply in Sunday's trading session from lows of $0.0000201 to highs of $0.00002799 at press time, creating a massive green daily candlestick.

The broader crypto market has been surging as Bitcoin surpassed $80,000 in today's trading session, and SHIB is a major beneficiary of this bullish sentiment. As a result, Shiba Inu has reentered the top 10 cryptocurrencies by market capitalization, posting the biggest gains in this category.

Shiba Inu lead Shytoshi Kusama reacted to the SHIB price surge by saying: "For those badfled as to why a meme like SHIB could rally alongside the big bois.it's time we showcased the power, technologies, and innovative thinking that led us through the bear market."

As Shiba Inu gains the spotlight, the market is closely watching for where it trends next. If Shiba Inu can hold its recent gains, it could pave the way for further advances which would increase its chances of "erasing a zero."