Shiba Inu (SHIB) begins the week on a positive note, with a major reboot in some of its key growth metrics. The dog-themed memecoin according to CoinMarketCap has risen by 6.17% in the last 24 hours, reaching $0.00002587. This modest recovery follows a challenging weekend for the token.
Burn Rate: The Path to Shiba Inu Price Stability
Investors in Shiba Inu are targeting to break the $0.00005 price level. The first major factor that could help achieve this goal is the burn rate. In recent times, the burn rate has become a significant point of interest within the community.
Currently, data from Shibburn indicates a burn rate of 781.51%, translating to 6,402,492 SHIB. While the daily burn amount is relatively small, it highlights the community’s commitment to reducing the token’s supply.
Aside from Shiba Inu’s periodic burn, K9 Finance DAO, the official liquid staking partner of Shiba Inu, recently put forward a proposal to burn 410 million tokens. The move was to commemorate Ethereum co-founder Vitalik Buterin’s historic burn of Shiba Inu tokens in 2021.
Retail Sentiment and SHIB Whale Activity
Another crucial trend to monitor this week is retail sentiment. For SHIB to hit its target price above $0.00005, trading volume needs to remain high throughout the week. Presently, daily trading volume has soared by more than 158% to $813,979,279.
Changes in this metric over the next few days could be critical for SHIB’s growth. Although there is a bullish forecast of $0.00006 as a price resurgence is anticipated, market performance shows this is a long way from happening.
Additionally, the activities of SHIB whales are essential for sustaining a multiweek growth trend. Currently, the whales seem to be hibernating as IntoTheBlock data shows a 36.96% drop in this metric overnight. Only about $29.93 million were traded in 24 hours.
The impact of Shibarium and other initiatives and partnerships within the Shiba Inu network could also play a role in returning SHIB to its previous bullish trend.
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