According to U.Today, Shiba Inu (SHIB) has begun the week with a significant reset in some of its key growth metrics. The token's price has risen by 0.98% in the last 24 hours to $0.00002487, following a concerning drop over the weekend. The primary objective for Shiba Inu investors is to surpass the $0.00003 price point. The burn rate, which has been a significant interest indicator in the community over the past few months, is the first major catalyst to help achieve this.
As per data from Shibburn, the current burn rate stands at 164.94%, equating to 7,128,803 SHIB. Despite the daily amount of SHIB burned being small, it does not diminish its impact. This indicates that users have faith in the project and are doing everything possible to reduce its supply.
Another factor to monitor this week is the retail sentiment in the market. For the token to reach the anticipated price point, its trading volume needs to remain high throughout the week. Currently, the daily trading volume has decreased by 4.12% to $363,490,960. How this changes in the coming days could be crucial for its growth.
Shiba Inu whale activities, which are currently in a dormant state, are also crucial for driving multi-week growth. Data from IntoTheBlock shows a 36.96% decrease in this metric overnight. With this rate, only about $29.93 million were traded in 24 hours, a figure that is significantly lower compared to coins like Dogecoin, which saw $1.16 billion in whale traded volume.
The influence of Shibarium and other initiatives and partnerships within the Shiba Inu ecosystem could also help restore prices to their previously bullish trajectory.
