3 Factors That Could Take SHIB to $0.00004

As a result, we have highlighted three factors that could take Shiba Inu to the $0.00004 price level.

Burn Rate

At the top of the list is Shiba Inu’s burn rate. Shiba Inu enthusiasts have been committed to reducing SHIB’s hefty supply via burns. Data from Shibburn shows that the burn rate plummeted by 69.57% over the past 24 hours to 1,695,852 (1.69 million) SHIB.

Although the burn rate is negative, the unending effort to reduce SHIB’s hefty supply could positively impact the token’s price toward $0.00004 in the coming days.

Trading Volume

The second factor on the list is Shiba Inu’s trading volume. For SHIB to reclaim the $0.00004 level, the canine-themed token must maintain an elevated trading volume.

Shiba Inu’s trading volume was up 115.4% over the past 24 hours to $2.19 billion. A surge in the trading volume implies that investors’ enthusiasm for SHIB is strong. This usually leads to increased buying or selling pressure, depending on the prevailing sentiment.

As Shiba Inu’s trading volume continues to soar, the metric could be instrumental in driving SHIB’s growth to the projected $0.00004 mark in earnest.

Whales Activities

Lastly, Shiba Inu whale activities could help bring SHIB’s price to $0.00004. Shiba Inu whales have been inactive recently and have only initiated a few transactions over the past weeks.

According to data from IntoTheBlock, Shiba Inu’s large transaction count soared to around 11,120 on March 4 and plunged to 767 on May 13. This represents a massive decline of 93.1% in less than three months.