According to CoinMarketCap data, Shiba Inu Its price decreased by 2.46% in the last 24 hours and fell to $0.00001022. After this move, the price took a break from its two-day rising streak. Despite the negative outlook in the market today, meme coin remains strong as the bulls refuse to give a zero to the market bears.
With Shiba Inu’s current outlook, weekly growth is still showing growth of 9.68%, which continues to hold positive sentiment to regain lost levels on the daily chart. However, three key catalysts are needed for this to happen.
Three Catalysts Needed for Shiba Inu Price Growth
The nature of the cryptocurrency market, like other fundamental assets, can be simplified; Strong selling in the market reduces the price of assets. Currently, this is also happening within the Shiba Inu ecosystem following a 35.12% drop in daily trading volume. If there is any reversal, it will begin with a resurgence of buying momentum, as the daily volume benchmark would indicate.
But in addition, SHIB burn rates were worse than expected this week. While Shytoshi Kusama’s giant burning promises did not come true, only 1,019,670 tokens were burned yesterday. This means that the burn rate decreased by 61%.
The third and final catalyst is whale action in the Shiba Inu ecosystem. a healthy one SHIB For it to revive, the accumulation rate of whales to keep the token must remain high.
After a long wait, the collaboration with D3 was introduced on December 19, ushering in a new era that may later be characterized by the emergence of “.SHIB” domain names.
While the current decline has come following the news of this partnership, there is a possibility that the D3 connection will also play a vital role in SHIB’s future performance.