- The Shiba Inu (SHIB) meme coin has experienced a price dip over the past 24 hours, with its market cap briefly falling below $8 billion.
- Despite the downturn, several key metrics hint that SHIB could be poised for a rebound.
- Shibarium’s daily transactions have surged, and the SHIB burn rate has spiked dramatically, signaling potential future price increases.
Discover why Shiba Inu (SHIB) could be on the verge of a price rebound, driven by increased Shibarium transactions and a skyrocketing SHIB burn rate.
Surge in Shibarium Transactions
Shiba Inu’s layer-2 blockchain solution, Shibarium, has recently shown promising growth. On August 14, Shibarium recorded 6,360 daily transactions, marking a significant 60% increase compared to the previous day. This milestone contributed to an impressive total of over 418 million transactions since its inception. Additionally, the number of wallet addresses is closing in on the 2 million mark. These figures suggest growing user adoption and network activity, which could positively influence SHIB’s market performance.
Exploding SHIB Burn Rate
The SHIB burn rate has seen an astonishing rise of nearly 850% in the last week, resulting in the elimination of over 148 million tokens. By reducing the circulating supply, burning tokens can enhance scarcity and potentially elevate SHIB’s value if demand remains stable or increases. Historically, the team behind Shiba Inu has sent more than 41% of the total supply—approximately 410 trillion tokens—to a null address, reinforcing their commitment to decreasing supply and supporting token value.
Challenging Market Conditions for Meme Coins
The recent downswing in Shiba Inu’s price is reflective of a broader struggle within the meme coin market. Major players in the meme coin sector, including Dogecoin (DOGE) and Mog Coin (MOG), have also faced significant losses, suggesting market-wide volatility. Notably, Dogecoin is one of the few to resist the trend, posting a 3% increase over the past week and trading around $0.10. Pepe (PEPE) also showed a slight uptick of about 2% during the same period. This collective decline among meme coins aligns with a general crypto market downturn, highlighted by Bitcoin (BTC) dropping to around $58,000 and Ethereum (ETH) breaking below the $2,700 resistance level.
Shibarium’s Role in Shiba Inu’s Ecosystem
Shibarium is designed to enhance the Shiba Inu ecosystem by improving scalability, reducing transaction costs, and increasing transaction speeds. The recent growth in Shibarium’s transaction volume highlights its effectiveness and potential long-term benefits for SHIB. As more users and developers engage with the network, Shibarium could play a pivotal role in stabilizing and boosting SHIB’s market price.
Conclusion
In summary, while Shiba Inu (SHIB) has recently experienced a price drop, positive signs from Shibarium’s transaction growth and the escalating SHIB burn rate indicate potential for a rebound. These metrics, combined with the overall market trends, provide a comprehensive outlook on SHIB’s future. Investors and enthusiasts should monitor these developments closely as they could herald a new phase of growth for Shiba Inu.
