Recently, the cryptocurrency market witnessed a significant rebound, with Bitcoin surging to almost $58,000 and Ethereum crossing the $3,000 mark. Meme coins like Shiba Inu also experienced substantial gains during this period. However, despite the positive price movement, some metrics within the SHIB ecosystem have shown a decline.
One of the key indicators that have seen a decline is the burn rate of Shiba Inu tokens. The burn rate has dropped by over 90% in the last 24 hours, resulting in only 1.1 million tokens being destroyed. This is a stark contrast to the weekend when the metric spiked by around 800%, with approximately 18 million tokens being sent to a null address.
In addition to the decrease in the burn rate, data also shows that daily transactions on Shibarium, the layer-2 blockchain solution for Shiba Inu, have fallen below 5,000 on July 7. This represents a 40% decrease from the previous day’s transaction volume. Shibarium, which was launched in August last year, was designed to enhance the speed, scalability, and cost-effectiveness of transactions within the Shiba Inu ecosystem.
While Shiba Inu has seen a price increase in recent hours, other lesser-known meme coins have experienced even more significant gains. Coins like Billy (BILLY) have surged by 10% in the past hour and 140% over the week. Gigachad (GIGA) and HOPPY have also recorded impressive price increases, showcasing the volatility and speculative nature of meme coins in the cryptocurrency market.
The recent resurgence of meme coins like Shiba Inu in the cryptocurrency market has been accompanied by fluctuations in key ecosystem metrics. While price gains are often highlighted, it is essential to also consider indicators such as burn rates and transaction volumes to gauge the sustainability and health of these projects. As the market continues to evolve, staying informed and being aware of these metrics will be crucial for investors and enthusiasts alike.