Shiba Inu (SHIB) has entered this week strong, amid a wider sense of altcoin consolidation. At the time of writing this report, it is trading at $0.000008069, indicating an optimistic outlook for this new week.
Three Shiba Inu drivers
With the week approaching and Shiba Inu showing a deviation in growth from Bitcoin, there are three key factors that can accelerate its growth performance, including its trading volume and whale activity, the burn rate or shrinkage, and the total value locked (TVL) in Shibarium.
The rate at which Shiba Inu accumulates in the free market is of utmost importance as it not only leads to an increase in trading volume but also helps boost liquidity to support a healthy market. In this regard, it has seen a 71% increase, reaching $193,840,004 in the past 24 hours.
Fees are also imposed on whale contributions to influence this metric, as positive surges from large buyers can make a significant difference, acting as the fulcrum for the better part of the year in times when not all other metrics have the same impact.
The burn rate is currently at its most challenging state, with only about 1.3 million SHIB tokens burned so far, and even a slight increase in this metric can potentially change the game significantly in terms of price.
Will the chain function smoothly and move forward? Will new decentralized applications be launched that can increase transactions? A positively managed protocol can restore trust in the Shiba Inu ecosystem for users and investors alike, game-changing for all stakeholders this week and beyond.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.