Shiba Inu (SHIB) started the new week off to a pretty clean start with a major reset in some of the meme coin’s key growth metrics. According to CoinGecko data, SHIB price increased by 0.98% to $0.00002487 in the last 24 hours. This slight recovery follows a troubling decline over the weekend.
The primary goal of Shiba Inu investors is to surpass the $0.00003 price level, and the first main catalyst to achieve this is seen as the burn rate.
Shiba Inu Cremations Are Closely Monitored
Over the past few months, the cremation rate has served as a major indicator of interest within the community. At the time of writing, according to Shibburn data, the current cremation rate is at 7,128,803 SHIB, an increase of 164.94%. burned daily SHIB Even though the amount is small, this shows that the project is supported by the community and they are doing their best to reduce its supply.
Secondly, retail investor sentiment on the market needs to be properly monitored this week. If the Shiba Inu is to reach the expected price level, trading volume needs to remain high throughout the week. Currently, daily trading volume is $363,490,960, down 4.12%. How this situation changes in the coming days could be critical to sustaining its growth.
Finally, SHIB whale activity is also important to provide a multi-week growth record. Shiba Inu whales are currently hibernating, a 36.96% drop in this metric, according to data from IntoTheBlock. At this rate, only about $29.93 million was traded in 24 hours, which is quite low compared to the $1.16 billion whale transaction volume of cryptocurrencies like Dogecoin.
