On August 6, Shiba Inu (SHIB) surged by 20%. This increase follows a notable decline, with SHIB now priced around $0.00001359. Despite an 18% drop over the week, this rebound has sparked renewed interest among investors.
Transaction Volume and Burn Rate Soar
Key metrics for SHIB have shown impressive growth. Data from IntoTheBlock reveals that SHIB’s daily transaction volume for on-chain transactions over $100K skyrocketed by nearly 500%, reaching about $120 million. Moreover, the burn rate surged by 1,244% in the last 36 hours, resulting in over 2.7 million tokens being burned. While the immediate financial impact is small, reducing the circulating supply could have significant long-term effects. The burn mechanism aims to decrease supply, and combined with increasing demand, it creates a favorable environment for price growth.
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Overall Recovery in the Meme Coin Market
Shiba Inu’s rise reflects a broader recovery in the meme coin market, which has seen its market capitalization exceed $40 billion. This marks a notable increase from around $33 billion earlier in the week. Key gainers include Dogecoin (DOGE), up 10%, and Pepe (PEPE), which rose by 17%. Bonk Inu (BONK), a prominent meme coin on the Solana network, also increased by 14%. Other impressive performers are BRETT (32%), MEW (35%), POPCAT (38%), and NEIRO (50%), with NEIRO achieving an astonishing 280% gain this week despite recent controversies.
Shiba Inu’s strong performance and the overall recovery of the meme coin market indicate a resurgence in investor sentiment. With rising transaction volume and burn rates, cautious optimism prevails. However, in the unpredictable crypto landscape, ongoing vigilance and smart investment strategies remain crucial.
