October is considered to be the lucky month for Shiba Inu as it went parabolic in the indices in 2021. SHIB spiked 1,000% in 30 days in October 2021 taking the top spot of the ‘best performing asset’ last year. Shiba Inu also reached its all-time high of $0.00008616, during this period and attracted heavy bullish sentiments. It was during this time last year that the world took notice of SHIB and everyone jumped on its bandwagon.

However, things have changed from October 2021 to 2022 as the markets are under bearish grips. Shiba Inu has mostly traded on the back foot this year showing little to no gains in the indices. This article will show how many ‘zeroes’ Shiba Inu deleted from last year to the present.

Also Read: How Long Will Shiba Inu Take to Reach $1? Let’s Do the Math

How Many ‘Zeroes’ Shiba Inu Deleted From October 2021 to 2022?

Shiba Inu was trading with five ‘zeroes’ in September 2021 but deleted a ‘zero’ the next month in October 2021 after it spiked 1,000%.

SHIB was trading at $0.00008616 (four ‘zeroes’) in October 2021 and did not delete a ‘zero’ the entire year. Therefore, from October 2021 to 2022, Shiba Inu was trading with four ‘zeroes’ only and failed to remove a ‘zero’.

It’s been nearly 365 days since SHIB knocked out a ‘zero’ in the indices but briefly added a ‘zero’ in June 2022. However, it knocked out the ‘zero’ three days later after it jumped 50% thereon.

The dog-themed token has slim chances of deleting another zero this year due to the bearish markets. The token might not experience a rally as the markets are expected to face further corrections.

At press time, SHIB was trading at $0.00001112 and is down 0.2% in the 24 hours day trade. The canine-themed token is up 58.1% in the last 365 trading days.

Shiba Inu celebrated its second birthday last month after hitting the indices on August 1, 2020. The novice crypto began trading at a modest price of $0.000000000972241 (nine ‘zeroes’) back then. However, SHIB was trading at $0.000000000132 in September 2020 but deleted four ‘zeroes’ a year later by September 2021, while it traded at $0.00000710 (five ‘zeroes’).

Nonetheless, Shiba Inu’s ‘zero’ deleting spree came to a halt as the token deleted only one ‘zero’ between September 2021 to 2022. While SHIB was trading at $0.00000710 in September 2021, it is now trading at $0.00001258 in September 2022.

That one ‘zero’ was deleted in October 2021, when SHIB went parabolic in the indices rising 1,000% in 30 days.

The dog-themed token is unlikely to delete another ‘zero’ this year as both the stock and crypto markets are on the back foot. The markets are not in favor of a bull run, making SHIB’s growth stunt this year.

Also Read: Shiba Inu: Whale Buys 1.7 Trillion SHIB in a Week for $22.2M

What Next For Shiba Inu?

Though the markets are unfavorable, Shiba Inu has a string of releases that can make its price scale up sustainably. The canine-themed token is awaiting the release of the Shiba Inu Eternity game that will be out for iPhone and Android.

The lead developer of ShibaSwap, Shytoshi Kusama is planning to hype up the game by organizing a ‘Download Day’. Read here to know more details about the upcoming ‘Download Day’ before the game’s launch. However, the release date for the Shiba Inu Eternity game is yet to be announced.

In addition, the Shibarium layer-2 solution is expected to be launched soon but the release date is not revealed either. Investors believe that Shibarium could set SHIB’s price soaring post-release as it drastically reduces transaction fees. Therefore, many more investors are expected to purchase the token and hold on to the long term.

Also Read: Exclusive: Crypto Tycoon Doubles Down on Bitcoin to $11K ‘Crash’ Predictions

At press time, Shiba Inu was trading at $0.00001247 and is up 1.38% in the 24 hours day trade. However, the token is down 85.6% from its all-time high of $0.00008616, which it reached in October last year.

The rates they are also present in blockchains and are sometimes very high. Thus, Elon Musk zeroes out on Dogecoin by those present in DEX from Ethereum. Since according to Musk, the same scare retail investors according Newton Gitonga and ZyCrypto.

Based on data from the digital asset data provider Kaiko, while the DEX volumes have continued to increase over the past year with a total volume of $ 8.4 billion at the time of reporting, the space is still plagued by high transaction fees on the Ehereum blockchain that only the whales or large investors.

Due to the problem of congestion and scalability, users are forced to part with an average of $ 100 in fees for each operation, which restricts the use of DEX for small traders.

“The average trade size for the other DEXs varies between 10k – 20k dollars per day, which is very large compared to centralized exchanges that normally have average trade sizes between 2k and 4k dollars. Large trades are likely due to Ethereum’s high transaction fees, preventing more retail merchants from using DEX, “noted Kaiko.

While the average trade size on DEX has increased in recent months, the actual number of trades has remained unchanged, which suggests that the participants are mostly whales.

While one can tell more about activity on a DEX based on daily volume, the chart below reveals that the Smaller DEX by the number of operations has the highest average trade size between 500k – $ 1 million even though DEX process less than 50,000 operations per day.

Despite the fact that Dogecoin’s transaction fees have risen sharply since December last year following a surge in the price of the coin, the fee is still largely lower, averaging $ 0.65 per transaction.

The developer team has also been working to lower fees even further by updating node operators following calls from Elon Musk and users of the resurgent cryptocurrency. In 2014, the tariff of 1 Doge per kilobyte to protect against chain scams. Currently, there are proposed changes to reduce the default fee rate to 0.001 Doge.

The meme coin remains a reference cryptocurrency for most businesses as they seek to adopt the asset as a form of payment for their cheap transaction fees. Companies and entities such as AMC, Dallas Mavericks, Ask The Doctor among others they are already accepting cryptocurrency.

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