Following Shiba Inu emergence as the 10th biggest crypto by market cap, we have highlighted three factors that could potentially push SHIB’s price to $0.00004.
The spotlight is currently on Shiba Inu (SHIB) after it flipped Cardano (ADA) to become the 10th largest crypto by market cap. According to data from CoinMarketCap, the price of SHIB has surged 17.18% over the past 24 hours to hit $0.00002913.
Shiba Inu’s Potential Surge to $0.00004
Following SHIB’s latest rally, discussions about Shiba Inu’s potential surge to the $0.00004 price level have resurfaced. The last time Shiba Inu breached the $0.00004 level was on March 5. Since then, Shiba Inu has plummeted heavily, plunging below $0.00002 in April, but managing to recover the price level shortly after.
With SHIB’s latest rally, investors are optimistic that the doggy-themed token could reclaim the $0.00004 level in the coming days or weeks. Hitting the $0.00004 target requires Shiba Inu to rally 37.31% from its current price of $0.00002913.
3 Factors That Could Take SHIB to $0.00004
As a result, we have highlighted three factors that could take Shiba Inu to the $0.00004 price level.
Burn Rate
At the top of the list is Shiba Inu’s burn rate. Shiba Inu enthusiasts have been committed to reducing SHIB’s hefty supply via burns. Data from Shibburn shows that the burn rate plummeted by 69.57% over the past 24 hours to 1,695,852 (1.69 million) SHIB.
Although the burn rate is negative, the unending effort to reduce SHIB’s hefty supply could positively impact the token’s price toward $0.00004 in the coming days.
Trading Volume
The second factor on the list is Shiba Inu’s trading volume. For SHIB to reclaim the $0.00004 level, the canine-themed token must maintain an elevated trading volume.
Shiba Inu’s trading volume was up 115.4% over the past 24 hours to $2.19 billion. A surge in the trading volume implies that investors’ enthusiasm for SHIB is strong. This usually leads to increased buying or selling pressure, depending on the prevailing sentiment.
As Shiba Inu’s trading volume continues to soar, the metric could be instrumental in driving SHIB’s growth to the projected $0.00004 mark in earnest.
Whales Activities
Lastly, Shiba Inu whale activities could help bring SHIB’s price to $0.00004. Shiba Inu whales have been inactive recently and have only initiated a few transactions over the past weeks.
According to data from IntoTheBlock, Shiba Inu’s large transaction count soared to around 11,120 on March 4 and plunged to 767 on May 13. This represents a massive decline of 93.1% in less than three months.
As of May 27, Shiba Inu whales had only traded $29.93 million worth of SHIB, a stark contrast to the doggy-themed token Dogecoin, which saw whales trade $1.16 billion worth of DOGE in the same timeframe.
In addition to these three catalysts, factors such as Shibarium, exciting partnerships, and projects within the Shiba Inu ecosystem could also boost SHIB’s price to $0.00004 in the coming weeks.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
