TL;DR
- Shiba Inu (SHIB) surged 20% on August 6, with significant increases in transaction volume and burn rate.
- The overall meme coin niche rebounded, with its market capitalization rising above $40 billion amid notable gains from Dogecoin, Pepe, and Bonk Inu.
SHIB Metrics Explode
The popular meme coin Shiba Inu was among the best-performing cryptocurrencies on August 6 and even today following the crash witnessed on Monday. Its price is up approximately 20% since that low (per CoinGecko’s data) and is currently worth around $0.00001359. Still, this represents an 18% decline on a weekly scale.
The rebound coincides with the resurgence of important indicators that are part of Shiba Inu’s ecosystem. IntoTheBlock data shows that SHIB aggregated daily volume, where each on-chain transaction exceeds $100K, has exploded by nearly 500%, reaching almost $120 million.
Another metric on the rise is the burn rate. Over the last 36 hours or so, it skyrocketed by 1,244%, resulting in more than 2.7 million tokens being destroyed.
While the USD equivalent of the burnt stash is insignificant, continuous efforts in that field could positively impact the meme coin’s price. After all, the mechanism’s goal is to reduce the tremendous circulating supply, which, combined with a potential increase in demand levels, should trigger a rally (at least that’s what fundamental principles of economics dictate).
The SHIB team burned almost 380 million tokens throughout July after 178 transactions. Data shows that around 41% of the total supply (almost 411 trillion coins) has already been sent to a null address.
Overall Meme Coin Recovery
Shiba Inu is not the only meme coin in the green now. The sector’s market capitalization pumped above $40 billion, a serious rebound considering the local bottom of around $33 billion registered on Monday.
The biggest meme coin – Dogecoin (DOGE) – recovered 10% on Tuesday, while the frog-themed Pepe (PEPE) and the largest Solana-based meme Bonk Inu (BONK) have climbed by 17% and 14%, respectively.
The best performers were BRETT (32%), MEW (35%), POPCAT (38%), and NEIRO (50%). What’s more, NEIRO is up a whopping 280% weekly despite recently being the subject of an insider trading scandal. Its market capitalization surpassed $200 million, making it the 18th-biggest in the entire meme coin realm.
