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Shiba Inu (SHIB) Suffers Stress Test, Here's What to Expect This Week

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Mon, 15/01/2024 - 8:59
Shiba Inu (SHIB) Suffers Stress Test, Here's What to Expect This Week
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Shiba Inu (SHIB) remains a token of interest on the market as consolidation grips the majority of altcoins in an ultimate push for recovery. Shiba Inu’s network numbers are mostly bearish; however, they are at a tipping point where the balance may soon skew toward the bulls. At the time of writing, Shiba Inu is down by 1.8% to $0.000009706.

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This latest bearish figure has pared off Shiba Inu's gains for the past week, and it has now reduced to 7.61%. Despite the critical stress test the token suffered in the past couple of days, it remains resilient, keeping itself afloat above the psychologically important level at $0.0000095.

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Shiba Inu Daily Chart. Source: CoinMarketCap

Shiba Inu network numbers are telling a different story, with the burn rate currently staying flat, sending about 5,136,299 SHIB to dead wallets overnight. The Shibarium transaction count also remains below par, however, with a noticeable recovery seen between Jan. 13 and Jan. 14.

Within this period, Shibarium transactions moved from a monthly low of 1.16 million to 1.97 million. This recovery in Shibarium shows the market is waking up to more support from retail investors.

New week, New possibilities

The slate has notably been wiped clean for Shiba Inu as opportunities for new numbers to emerge are already showing forth. After significant drawdown, the chances of recovery are high, with growth initiatives on the horizon

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As the euphoria of spot Bitcoin Exchange Traded Fund (ETF) products settles down some more, the attention of SHIB loyalists may return to the protocol, hence bringing in fresh capital across the board.

The spot Bitcoin ETF made most investors feel like they needed to get a share of the product to catch any opportunity the first mover advantage could offer. As Bitcoin itself failed to provide the desired traction, Shiba Inu, with its chance to chart a more decisive growth pattern, may become plan B for these investors this week.

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