Shiba Inu (SHIB) experienced a significant surge of 20% on August 6th, showcasing notable increases in transaction volume and burn rate. The overall meme coin market also saw a rebound, with its market capitalization surpassing $40 billion, fueled by gains from other popular meme coins such as Dogecoin, Pepe, and Bonk Inu.
Shiba Inu’s performance has been impressive, with its price rising by approximately 20% since the recent low, currently valued at around $0.00001359 according to CoinGecko. Despite this positive momentum, it still represents an 18% decline over the past week. The surge in price coincides with a resurgence in key indicators within the Shiba Inu ecosystem.
Data from IntoTheBlock indicates that SHIB’s aggregated daily volume, consisting of transactions exceeding $100K, has surged by almost 500%, reaching nearly $120 million. Additionally, the burn rate has seen a significant increase, rising by 1,244% over the last 36 hours and resulting in the destruction of over 2.7 million tokens. While the USD value of the burnt tokens may seem insignificant, continuous efforts to reduce the circulating supply could potentially have a positive impact on SHIB’s price.
The SHIB team has burned around 380 million tokens in July alone through 178 transactions, with approximately 41% of the total supply (nearly 411 trillion coins) already sent to a null address. This ongoing token burn initiative aims to decrease the circulating supply, potentially leading to an increase in demand and triggering a price rally based on economic principles.
The meme coin sector as a whole has witnessed a recovery, with the market capitalization surpassing $40 billion following a recent low of around $33 billion. Other meme coins like Dogecoin, Pepe, and Bonk Inu have also experienced positive gains, with Dogecoin recovering by 10% and Pepe and Bonk Inu climbing by 17% and 14% respectively.
Several meme coins have stood out as top performers, including BRETT (32%), MEW (35%), POPCAT (38%), and NEIRO (50%). Despite being involved in an insider trading scandal, NEIRO has seen a remarkable 280% increase in value over the week, surpassing a market capitalization of $200 million and ranking as the 18th largest meme coin.
In conclusion, the recent surge in Shiba Inu’s price, along with the overall recovery in the meme coin sector, indicates a renewed interest and positive sentiment among investors. As key indicators continue to show promising trends, the future outlook for Shiba Inu and other meme coins remains optimistic.