According to CoinMarketCap data, Shiba Inu (SHIB) has seen a price drop of 2.46% in the last 24 hours, falling to $0.00001022, which has halted its two-day rising streak. Despite the market’s pessimism, the cryptocurrency still maintains a resilient front as bulls refuse to concede ground to bears.
The current outlook for Shiba Inu shows a promising weekly growth of 9.68%. This suggests a potential recovery attempt on the daily chart to reclaim lost levels. Experts believe three key catalysts are necessary to achieve this.
SHIB’s growth catalysts become evident when there’s a strong selling wave in the market, leading to price drops of cryptocurrencies. A clear indication of this is the 35.12% decrease in daily transaction volume within the Shiba Inu ecosystem. Any reversal would likely begin with a resurgence in buying momentum, as indicated by this daily volume metric.
There has been a concerning decline in the on-chain burn rate for Shiba Inu this week. Despite promises of mega burns by Shibbarium’s lead developer Shytoshi Kusama, the burn rate has not seen significant changes, with only 1,019,670 SHIB burned overnight, a 61.47% decrease according to Shibburn data.
For a mainstream SHIB recovery, the burn rate outlook needs to change significantly. The third catalyst is whale activity within the Shiba Inu ecosystem. A healthy SHIB revival requires the token’s whale accumulation to remain high. Additionally, the introduction of D3 partnershib on December 19 marked the beginning of a new era, potentially characterized by the emergence of “.SHIB” domain names. Despite the current decline post-partnership news, the D3 connection could play a vital role in SHIB’s future performance.