Three key expectations for Shiba Inu (SHIB) price this week
As the new week unfolds, Shiba Inu (SHIB) is embarking on a fresh start, witnessing a significant reset across several crucial growth indicators. The value of Shiba Inu has experienced a slight increase of 0.98% over the last 24 hours, reaching $0.00002487, as reported by CoinMarketCap. This modest recovery follows a worrisome decline during the previous weekend.
Busting through the $0.00003 price barrier remains a top ambition for Shiba Inu enthusiasts, with the burn rate emerging as a critical lever to achieve this milestone.
In recent months, the burn rate has emerged as a key gauge of interest among the community. According to recent figures from Shibburn, the burn rate currently stands at an impressive 164.94%, eliminating 7,128,803 SHIB from circulation. Although the daily volume of SHIB being burned is relatively minor, its significance lies in demonstrating the community's commitment to reducing the token's supply and bolstering the project.
Additionally, a thorough assessment of market sentiment towards the token is essential this week. To hit its targeted price point, SHIB's trading volume needs to maintain its momentum throughout the week. Presently, the daily trading volume has dropped by 4.12% to $363,490,960. Changes in this area over the next few days could be crucial for fueling the token's advancement.
Moreover, activities by SHIB whales play a crucial role in setting the stage for sustained growth over multiple weeks. Currently, IntoTheBlock's data indicates that Shiba Inu whales are in a dormant state, with a dramatic 36.96% decrease in this activity overnight. This leaves merely $29.93 million traded in the past 24 hours, a stark contrast to competitors like Dogecoin, which boasts $1.16 billion in whale trading volume.
Efforts such as Shibarium, along with various other initiatives and partnerships within the Shiba Inu ecosystem, could potentially steer the token back onto a bullish trajectory.
