As a seasoned analyst with extensive experience in the cryptocurrency market, I’m thrilled to see the recent price surge of major cryptocurrencies like Bitcoin and Ethereum, as well as meme coins such as Shiba Inu. The rebound in the market is a positive sign that the bearish trend may have come to an end.
TL;DR
- The cryptocurrency market rebounded, with Bitcoin reaching almost $58,000 and Ethereum spiking above $3,000. Meme coins like Shiba Inu also saw significant gains.
Despite the price surge, some SHIB ecosystem metrics, including burn rate and transactions on Shibarium, have declined.
Back on the Green Track
In the past few hours, the cryptocurrency market has experienced a significant recovery, making up for some of the losses incurred at the end of last week. Bitcoin’s price surged to nearly hit $58,000, while Ethereum regained the $3,000 threshold.
As a crypto investor, I’ve noticed some impressive gains in the meme coin sector on an hourly basis. Among the top performers are Shiba Inu (SHIB), Bonk Inu (BONK), and Pepe (PEPE), to name a few.
As a crypto investor, I can tell you that at present, Shiba Inu (SHIB), which is often referred to as the Dogecoin killer, holds the second-largest position among meme coins and ranks 14th in the overall cryptocurrency sector. Following some recent lows just a few hours ago, SHIB’s price has experienced a notable surge of approximately 13%.
Some less well-known meme coins have experienced remarkable growth. For instance, Billy (BILLY), which features a dog theme, has seen a 10% increase within the past hour and an astounding 140% surge over the past week. Likewise, Gigachad (GIGA) and HOPPY have recorded comparable gains, with the former up by 72% in just the last seven days.
SHIB Metrics Go Down
Although Shiba Inu’s price has rebounded recently, key aspects of its ecosystem have taken a downturn. For instance, the burn rate has significantly decreased by more than 90% within the past 24 hours, leading to just over 1 million tokens being burned.
Over the weekend, the metric experienced a significant surge of nearly 800%, following the transfer of approximately 18 million assets to an empty address.
As a researcher studying the blockchain ecosystem, I’ve noticed that Shibarium, the layer-2 solution for Shiba Inu, has experienced a setback in its progress. Specifically, daily transaction data indicates a significant decline. On July 7, transactions dropped below the 5,000 mark, representing a 40% decrease compared to the number reported the previous day.
The network was launched in August of last year and is specifically engineered to promote the growth of Shiba Inu. It achieves this by reducing transaction fees, increasing processing speeds, and boosting its capacity to handle larger volumes of transactions.
For more updates on the ecosystem, make sure to check out our Shibarium news section.
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2024-07-08 13:28