Popular canine-themed cryptocurrency Shiba Inu has enjoyed a tremendous rally over the past seven days, as SHIB looks set to eliminate a zero from its price. In the past seven days, Shiba Inu has spiked from a low of $0.00000894 to a seven-day high of $0.00000979. Following the tremendous rally, Shiba Inu is only $0.00000021 away from burning a zero from its price.

It bears mentioning that Shiba Inu was comfortably trading above $0.00001 before the collapse of FTX, which sent shock waves to the entire crypto market, thus crashing the prices of Bitcoin and other altcoins. The failure of FTX resulted in adding a zero to the token’s price.

Interestingly, Shiba Inu seems ready to eliminate the fifth zero it added during the fall of FTX as it soars close to the $0.00001 level. At the time of writing, Shiba Inu is changing hands at $0.00000955.

The rally of Shiba Inu’s price has picked up steam amid several promising developments within the ecosystem of the second-largest canine-themed cryptocurrency in terms of market cap.

Massive Wale Interest in SHIB

Since the beginning of the year, cryptocurrency whales have shown interest in SHIB by accumulating huge volumes of the asset class. The most significant whale transaction that occurred this year for Shiba Inu involved the accumulation of 3.3T SHIB by a new wallet.

As reported by TheCryptoBasic yesterday, an anonymous whale amassed a whopping 3,323,256,285,484 (3.3 trillion) SHIB tokens worth $30.45M. Data from Whale Alert showed that the transaction occurred yesterday involving two newly created wallets.

Meanwhile, Shiba Inu currently ranks as the most-traded token among the top 100 Ethereum whales, according to leading cryptocurrency on-chain tracker WhaleStats.

Other Main Shib 2023 Events

Aside from the massive whale accumulation, several events have occurred this year that are helping Shiba Inu to edge closer to burning a zero from its price.

Today, the team behind Shiba Inu announced its invitation to exhibit its metaverse experience at the 2023 SXSW festival held in Austin, Texas, between March 10 and 19, 2023. Attendees of the event will be given an exclusive exhibit of the Shiba Inu-themed metaverse project, SHIB: The Metaverse.

As reported yesterday, CoinGate expanded Shiba Inu’s use as a payment method. The crypto payments processing company partnered with Wix to allow merchants in several European countries, including Spain and Germany, to accept payments in Shiba Inu.

Furthermore, Twitter recently launched price graph support for SHIB, allowing users to keep track of the asset’s price movement.

WazirX announced this week that Shiba Inu is its largest cryptocurrency holding. Per the PoR data, WazirX holds a total of 6.09T Shiba Inu tokens, representing 19% of the exchange’s crypto reserve.

On January 10, the world’s largest cryptocurrency exchange Binance reduced the number of Shiba Inu tokens in circulation by staking 4T SHIB in the ShibaSwap staking pool. It is noteworthy that Binance became the biggest Shiba Inu holder earlier this week, with a holding of 83T SHIB worth $795M.

Shiba Inu announced a partnership with luxury accessory brand Bugatti Group on January 11 to introduce a collection of non-fungible tokens and physical items for holders of Shiboshi NFTs.

Earlier this week, Shiba Inu’s clothing line partner John Richmond announced plans to increase the crypto asset’s popularity at the Pitti Immagine Uomo event in Florence, Italy. John Richmond said he would present a new sporty-chic line at the men’s fashion event, featuring different Shiba Inu-themed sporty apparel.

Furthermore, the leading security-focused ranking platform CertiK recently ranked Shiba Inu’s decentralized exchange ShibaSwap as the most-watched DEX on the platform.

Another important announcement that contributed to the massive rally of Shiba Inu is the news about Shibarium’s potential to burn SHIB tokens.