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3 Key Things to Expect From Shiba Inu (SHIB) This Week

Mon, 27/05/2024 – 11:37

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Shiba Inu (SHIB) is starting this new week with a rather clean slate, with a major reset in some of the token’s key growth metrics. The price of Shiba Inu is up 0.98% in the past 24 hours to $0.00002487, per data from CoinMarketCap. This mild rebound is coming after a disturbing drawdown over the weekend.

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The primary goal for Shiba Inu investors remains to breach the $0.00003 price mark, with the first key catalyst to help achieve this being the burn rate.   

Over the past few months, the burn rate has served as a major interest indicator in the community. At the time of writing, data from Shibburn pegs the current burn rate at 164.94% to 7,128,803 SHIB. Though the amount of SHIB burned daily is small, it does not negate the impact, which is that users believe in the project and are doing everything they can to shrink its supply.

Second, the retail sentiment on the market needs to be properly checked this week. If the token must meet the expected price mark, its volume needs to stay elevated all week long. At the moment, the daily trading volume is down by 4.12% to $363,490,960. How this adjusts over the coming days might prove pivotal to driving its growth.

Finally, SHIB whale activities are also pivotal in driving a multiweek growth record. Shiba Inu whales are currently in hibernation mode, as data from IntoTheBlock shows a 36.96% slump in this metric overnight. With this rate, only about $29.93 million were traded in 24 hours, a figure that pales in comparison to coins like Dogecoin, with $1.16 billion in whale traded volume.

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The influence of Shibarium and other initiatives and partnerships within the Shiba Inu ecosystem might also help revert prices to its previously bullish path.

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