Shiba Inu (SHIB): Three Things to Look Out for This Week
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Shiba Inu (SHIB) entered this week on a strong note and amid a broader sentiment of altcoin consolidation. While industry leader Bitcoin (BTC) is down by 0.88%, Shiba Inu has managed to pick up 0.88% growth at the time of writing to $0.000008069, flashing an optimistic view toward this new week.
Gamza KhanzadaevThree Shiba Inu triggers
As the week is shaping up and Shiba Inu is showing growth divergence from Bitcoin, three key factors that can accelerate its growth performance include its trading volume and whale action, its deflationary or burn rate, and Shibarium total value locked (TVL).
The rate at which the free market stacks up Shiba Inu is crucial as it will not only drive up trading volume but will help boost liquidity to support a healthy market. The goal in this regard is simple and is based on building on the current growth trends in this metric, which are up by 71% to $193,840,004 in the past 24 hours.
Contributions from whales are also billed to impact this metric, as a positive uptick from large buyers can make a significant difference. Shiba Inu's burn rate has formed an anchor for the better part of the year at times when all other metrics are not having as much impact.
The burn rate is currently in its most distressed state, with just about 1.3 million SHIB tokens burnt thus far, an uptick in this metric can change the game significantly concerning price.
Yuri MolchanShibarium factor
The last key factor to watch out for is Shibarium. Will the chain run smoothly moving forward? Will new decentralized applications that can drive transaction surges be launched? Will an attack occur?
A favorably managed protocol can return confidence to users and investors in the Shiba Inu ecosystem and change the game for all stakeholders this week and beyond.
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U.Today Editorial Team