These Shiba Inu Indicators Soar as SHIB Price Bounces 20% – Details

TL;DR

Shiba Inu (SHIB) surged 20% on August 6, with significant increases in transaction volume and burn rate. The global meme coin niche bounced back, with its market capitalization above $40 billion amid notable gains by Dogecoin, Pepe, and Bonk Inu. Exploit SHIB metrics

The popular Shiba Inu meme coin was one of the best performing cryptocurrencies on August 6 and even today after the fall witnessed on Monday. Its price has risen roughly 20% since that low (according to CoinGecko data) and is currently worth about $0.00001359. Even so, this represents a decline of 18% on a weekly basis.

SHIB Price, Source: CoinGecko

The rebound coincides with the resurgence of important indicators that are part of the Shiba Inu ecosystem. Data from IntoTheBlock shows that SHIB’s aggregate daily volume, where every transaction on the chain exceeds $100,000, has exploded by nearly 500% to nearly $120 million.

Another metric on the rise is burn rate. Over the past 36 hours or so, it has shot up 1,244%, destroying over 2.7 million tokens.

Although the USD equivalent of the burned deposit is insignificant, continued efforts in this field could positively affect the price of the meme coin. After all, the purpose of the mechanism is to reduce the huge circulating supply, which, combined with a potential increase in demand levels, should trigger a rebound (at least that’s what the fundamental principles of economics dictate ).

The SHIB team burned nearly 380 million tokens throughout July after 178 transactions. The data shows that around 41% of the total supply (almost 411 trillion coins) has already been sent to a null address.

General Meme Coin Recovery

Shiba Inu isn’t the only meme currency out there right now. The sector’s market capitalization exceeded $40 billion, a significant rebound considering the local fund of about $33 billion registered on Monday.

The largest meme coin Dogecoin (DOGE) rallied 10% on Tuesday, while Pepe (PEPE) and the largest Solana-based meme Bonk Inu (BONK) are up 17% and 14%, respectively.

The best results were BRETT (32%), MEW (35%), POPCAT (38%) and NEIRO (50%). Also, NEIRO is up 280% weekly, despite recently being the subject of an insider trading scandal. Its market capitalization surpassed $200 million, making it the 18th largest in the entire meme coin realm.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!