Sort of... but it is more like a simple run-length encoding compression of the zeros adapted to a specific purpose.

0.00000012 Coins

is abbreviated to

6|12 Coins

I doubt people prefer reading/typing/buying something like:

1.2e-7 Coins

Case in point, scientific notation is widely known, yet, it is not used by web sites to solve the problem stated in the OP.

Sometimes reinvention is good
===================
Why twitter did not use URLs for their user accounts? It is because they needed something shorter to keep the tweet practical. They were just reinventing the URLs for their specific purpose and it did end up well. Now the meaning of "@someone" or "#subject" is widely understood, but was a total mystery ~7 years ago.

Asking the mobile generation to deal with a bunch of hallucinating zeros or the scientific notation might be an obstacle (IMHO).