Three key expectations for SHIB this week
SHIB started the week relatively fresh, with some of its key growth indicators undergoing a major reset. According to CoinMarketCap, the price of Shiba Inu Coin has risen by 0.98% to $0.00002487 in the past 24 hours. This mild rebound comes after a disturbing drop over the weekend.
For Shiba Inu Coin investors, the main goal remains to break through the $0.00003 price barrier. The first key catalyst to achieve this goal is the destruction rate.
The destruction rate has been a major interest indicator in the community over the past few months. At press time, according to Shibburn data, the current destruction rate is 164.94%, and the number of SHIBs destroyed is 7,128,803.
Although the number of SHIBs destroyed daily is not large, it does not deny its impact, that is, users have confidence in the project and are doing their best to reduce its supply.
Secondly, the retail sentiment of the market needs to be closely watched this week. If Shiba Inu Coin is to reach the expected price target, its trading volume needs to remain high throughout the week. Currently, daily trading volume is down 4.12% to $363,490,960. How this number adjusts in the coming days could play a key role in driving its growth.
Finally, the activity of SHIB big players is also a key factor in driving the multi-week growth record. According to Into TheBlock, Shiba Inu Coin big players are currently in dormant mode, and this indicator has fallen 36.96% overnight.
At this rate, only about $29.93 million was traded in 24 hours, a figure that pales in comparison to currencies such as Dogecoin, which has a large trading volume of 1.16 billion.
In addition, the impact of Shibarium and other initiatives and partnerships within the Shiba Inu Coin ecosystem may also help restore the price to its previous upward trajectory.
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