The week is off to an optimistic start in the broader digital currency landscape, witnessing a collective surge in the crypto market cap, which has risen by 2.71% to reach $1.12 trillion. Shiba Inu (SHIB) is playing a modest role in this overall resurgence, with its current price sitting at $0.000007548, marking a more than 1.5% increase in the past 24 hours.
1. Shiba Inu Trading Volume Surge
This recent resurgence in Shiba Inu’s price has garnered substantial support, notably reflected in a significant uptick in its trading volume. According to data from CoinMarketCap, trading volume has surged by over 38% to reach $103,354,639. The trends in Shiba Inu’s trading volume will be closely watched this week, as they could potentially set the tone for the entire month. The trading volume serves as a vital gauge of the token’s activity in secondary markets, demonstrating its liquidity and overall market interest.
2. Shiba Inu Burn Rate Dynamics
Another crucial aspect to keep a keen eye on is the Shiba Inu burn rate. Despite the fact that over 100 million tokens have been sent to inaccessible wallets, as per Shibburn data, the burn rate metric has displayed a decline due to prior performances. With any further increases in the SHIB burn rate, we may witness a tightening of the token’s supply, potentially contributing to the sustained growth of this meme coin in the short term.
3. Expansion of dApps on Shibarium
As more decentralized applications (dApps) find their way into the Shibarium ecosystem, the utility of tokens associated with the protocol, including SHIB, BONE, and LEASH, is poised to expand. This growth could ignite a fresh and distinct potential for development. These emerging trends are likely to serve as a guiding compass as Shiba Inu embarks on a new chapter of its journey this month.