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The week is turning out to have a bad start as key Shiba Inu (SHIB) metrics are down today. Drawing a cue from the general market, Shiba Inu has lost 6.4% of its price valuation, pegging its price at $0.000009639. The current bearish drawdown in the market, spearheaded by Bitcoin, has forced Shiba Inu to lose the one precious zero it erased in the previous week.
Three Shiba Inu growth triggers
Periods of price drawdowns like this are crucial for Shiba Inu to refocus its gait on what truly matters. With the ongoing sell-off, SHIB's on-chain metrics may soon enter the oversold region, setting the pace for a price revival.
The price alone may enter the oversold region as the current Relative Strength Index (RSI) is pointing toward 41.81, the low neutral range. Should it enter the 30 range, investors are poised to backtrack on their selling spree and resume accumulation as the needed discount on SHIB would have been achieved.
The burn rate, which stayed elevated in the past week, has also slumped by more than 86%, with only 20,917,749 SHIB incinerated in the past 24 hours. Massive SHIB burning is also poised to resume as the week unfolds, setting the pace for more deflationary sentiment to drive buying momentum eventually.
Lastly, the market never really stays depressed for long, and with over $145 million liquidated from the market in the past 24 hours, a turnaround is poised to positively impact the performance of SHIB in the near term.
Shibarium sentiment to play role
Since Shibarium experienced a revamp in transaction count, there has been no stopping for the Ethereum-based layer-2 scaling solution.
Today, the total transaction count is approaching 81,500,000 counts and is currently pegged at 81,369,129. With more transaction milestones and no disruption to the network, users can be guaranteed a stable protocol to which they can commit more resources. This might eventually help in revamping the overall outlook of SHIB as the week unfolds.