As an analyst with a background in cryptocurrency and blockchain technology, I have closely monitored the Shiba Inu (SHIB) ecosystem for quite some time. The recent surge in its price, up around 2% in the past 24 hours, is a welcome sign following the broader market rebound. However, upon closer inspection of certain key metrics, I cannot help but feel concerned.
TL;DR
- Shiba Inu (SHIB) price is up 2%, but some key metrics have dropped.
SHIB’s burn rate is among the few rising, surging by 350% and destroying nearly 28 million tokens.
SHIB Price Flashes Green
The cryptocurrency market is bouncing back after a recent downturn. Its total value currently hovers around $2.26 trillion, representing a 2.7% gain on a daily basis. Bitcoin has reached nearly $59,000, while Ethereum has surpassed $3,100.
The cryptocurrency market segment devoted to meme coins is experiencing growth, with Bonk Inu (BONK), Brett (BRETT), and Mog Coin (MOG) standing out as significant gainers within this sector.
The second largest among them, Shiba Inu (SHIB), has gained approximately 2% in the last 24 hours, and its market capitalization hovers around $10 billion. However, there have been significant declines in certain aspects of its ecosystem.
Based on the data from IntoTheBlock, the total daily transaction volume surpassing $100,000 has decreased by approximately 70%, amounting to fewer than $27 million.
The development of Shibarium, a layer-2 blockchain solution, has experienced setbacks. The daily transaction count has dropped beneath 3,500, and the total number of blocks processed in the last 24 hours has decreased by more than 70%.
The protocol was officially unveiled in August of the previous year with the objective of promoting growth within the Shiba Inu community. This was achieved through enhancements to speed, scalability, and reduced transaction fees.
For more updates on the ecosystem, make sure to check out our Shibarium news section.
Burn Rate Goes Through the Roof
As a researcher studying the Shiba Inu (SHIB) cryptocurrency on July 10, it’s important to note that not all related metrics have experienced a downturn. Remarkably, SHIB’s burn rate has surged by an astounding 350% daily, leading to approximately 28 million tokens being destroyed.
As a researcher studying the Shiba Inu (SHIB) cryptocurrency, I’ve discovered that the USD value of my SHIB stash may not hold significant weight currently. However, I firmly believe that persistent dedication to this area could yield favorable results. The reason being, the mechanism behind this coin operates by decreasing the circulating supply of SHIB in the market. This reduction, when coupled with a consistent or even increasing demand for SHIB, can ultimately result in an appreciation of its value.
On July 7, there was a notable resurge of the program, with the burn rate soaring by an astonishing 800% during SHIB‘s price recovery.
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2024-07-10 08:52