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CoinMarketCap data shows that after a 2.46% drop in the last 24 hours to $0.00001022, Shiba Inu (SHIB) has reversed its two-day rising streak. Despite today’s market pessimism, the cryptocurrency still maintains a resilient front as bulls refuse to give ground to bears.
Three Different Scenarios for SHIB
With its current outlook, Shiba Inu’s weekly growth still looks promising at 9.68%. This price level may suggest an attempt to recover lost levels on the daily chart. According to experts, three key catalysts are necessary to achieve this.
The catalysts for SHIB’s growth become evident when there is a strong selling wave in the market, causing cryptocurrency prices to drop. Currently, a 35.12% decrease in daily transaction volume within the Shiba Inu ecosystem can clearly be seen. If any turnaround is to occur, it may begin with a resurgence in buying momentum, as indicated by this daily volume metric.
SHIB’s Burn Rate
A negative development for Shiba Inu this week is the continuous decline in the on-chain burn rate. Despite mega burn promises from Shibbarium’s lead developer Shytoshi Kusama, there has been no significant change in the burn rate this week. Data from Shibburn currently shows a 61.47% decrease in this metric as only 1,019,670 SHIB were burned overnight.
For a mainstream SHIB recovery, the burn rate outlook needs to change significantly. The third catalyst is whale activity within the Shiba Inu ecosystem. For a healthy SHIB resurgence, it is crucial that the token’s whale accumulation remains high. Additionally, the D3 partnershib was introduced on December 19th, marking the beginning of a new era characterized by the emergence of “.SHIB” domain names. Although the current decline followed this partnership news, the D3 connection could potentially play a vital role in SHIB’s future performance.
