Shiba Inu (SHIB) experienced a significant surge of 20% on August 6, following a period of market instability. Despite this positive movement, the coin’s price is still down by 18% on a weekly basis, currently hovering around $0.00001359. This rebound in value coincides with an uptick in key indicators within the Shiba Inu ecosystem.
Transaction Volume and Burn Rate on the Rise
Data from IntoTheBlock reveals that SHIB’s daily transaction volume, where transactions exceed $100K, has seen a massive increase of nearly 500%, reaching close to $120 million. Additionally, the burn rate of SHIB tokens has surged by 1,244% over the last 36 hours, resulting in the destruction of over 2.7 million tokens. While the USD value of the burnt tokens may seem insignificant, continuous efforts to reduce the circulating supply could have a positive impact on the coin’s price.
Shiba Inu is not the only meme coin experiencing positive movement. The overall market capitalization of meme coins has surpassed $40 billion, showing a significant recovery from a recent low of around $33 billion. Alongside SHIB, other meme coins such as Dogecoin, Pepe, and Bonk Inu have also seen noteworthy gains in value.
In addition to Shiba Inu, other meme coins have shown impressive performance in recent days. Coins like BRETT, MEW, POPCAT, and NEIRO have seen substantial increases in value, with NEIRO recording a weekly gain of 280%. Despite facing challenges such as an insider trading scandal, NEIRO’s market capitalization has surged past $200 million, making it one of the top players in the meme coin realm.
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