Shiba Inu (SHIB) experienced a remarkable surge of 20% on August 6, showcasing its resilience in the volatile cryptocurrency market. Despite facing a significant decline earlier in the week, the meme coin managed to bounce back and reclaim its position as one of the top performers in the industry.
The surge in Shiba Inu’s price was accompanied by notable increases in key indicators within its ecosystem. Data from IntoTheBlock revealed a substantial spike in SHIB aggregated daily volume, with on-chain transactions exceeding $100K reaching almost $120 million. Additionally, the burn rate of the token skyrocketed by 1,244%, resulting in the destruction of over 2.7 million tokens. While the USD equivalent of the burnt tokens may seem insignificant, the continuous effort to reduce the circulating supply could have a positive impact on SHIB’s price in the long run.
Shiba Inu was not the only meme coin that experienced a surge in value. The overall meme coin niche witnessed a market capitalization increase to over $40 billion, showing a significant rebound from the recent low. Other meme coins such as Dogecoin (DOGE), Pepe (PEPE), and Bonk Inu (BONK) also saw notable gains, contributing to the sector’s resurgence.
In addition to Shiba Inu, several other meme coins emerged as top performers during this period. Coins like BRETT, MEW, POPCAT, and NEIRO saw impressive price surges, with NEIRO recording a weekly increase of 280% despite being embroiled in an insider trading scandal. NEIRO’s market capitalization exceeded $200 million, solidifying its position as one of the prominent players in the meme coin realm.
The recent surge in Shiba Inu and other meme coins highlights the volatile nature of the cryptocurrency market. While these digital assets can experience substantial price fluctuations, they also demonstrate resilience and the potential for significant gains. Investors in meme coins need to closely monitor key indicators and market trends to capitalize on opportunities and navigate the ever-changing landscape of the industry.