Important Shiba Inu (SHIB) Metrics go Down Despite Price Recovery: Details
TL;DR
- Shiba Inu (SHIB) price is up 2%, but some key metrics have dropped.
- SHIB’s burn rate is among the few rising, surging by 350% and destroying nearly 28 million tokens.
SHIB Price Flashes Green
The cryptocurrency sector continues to rebound from the crash witnessed a few days ago. Its global market capitalization currently stands at around $2.26 trillion (a 2.7% increase on a daily scale), with Bitcoin (BTC) touching the $59,000 mark and Ethereum (ETH) crossing $3,100.
The meme coin sector is also in the green, with Bonk Inu (BONK), Brett (BRETT), and Mog Coin (MOG) being among the notable gainers.
The second-largest in the cohort—Shiba Inu (SHIB)—is up around 2% in the past 24 hours, while its market cap is just south of $10 billion. Despite the revival, some metrics related to the token’s ecosystem have plummeted substantially.
According to IntoTheBlock’s data, aggregated daily volume where each transaction exceeds $100,000 is less than $27 million (a 70% daily decline).
The layer-2 blockchain solution – Shibarium – has also stalled its progress. Daily transactions have dipped below 3,500, while the number of total blocks processed on the network in the last 24 hours has plummeted by over 70%.
The protocol officially saw the light of day in August last year, aiming to foster the development of the Shiba Inu ecosystem by improving speed, enhancing scalability, and lowering transaction costs.
For more updates on the ecosystem, make sure to check out our Shibarium news section.
Burn Rate Goes Through the Roof
It is worth mentioning that not all SHIB-related metrics are down today (July 10). Shiba Inu’s burn rate, for example, has exploded by 350% daily, resulting in almost 28 million tokens being destroyed.
The USD equivalent of the stash might be insignificant, but continuous efforts in that field can have a positive effect. After all, the mechanism reduces the circulating supply of SHIB, which, combined with an increased or the same level of demand, can lead to a rising valuation.
A similar resurgence of the program was witnessed on July 7. Back then, the burn rate skyrocketed by 800% amid SHIB’s price revival.
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