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Recently, despite the decline in the price of Shiba Inu (SHIB), some important indicators suggest that this popular memecoin might rally soon. Shiba Inu’s price experienced a slight drop in the last 24 hours, bringing its market cap below $8 billion. Currently, SHIB is trading at approximately $0.00001363, which corresponds to a 14% decline over a two-week period.
Many Metrics Positive for Shiba Inu
Despite the negative price trend, some critical metrics indicate that the price could rise soon. One of the prominent indicators is the resurgence of Shibarium, an important part of the Shiba Inu ecosystem. According to data, on August 14, Shibarium’s daily transaction count rose to 6,360, marking a 60% increase from the previous day.
The total transaction count on Shibarium has exceeded 418 million, and wallet addresses are nearing the 2 million mark. This Layer-2 network, which achieved this success in less than a year, is thought to positively impact SHIB’s price.
Shibarium aims to support the development of the Shiba Inu ecosystem by increasing scalability, reducing transaction costs, and improving transaction speed. According to some industry experts, further development of the network could drive SHIB’s price upwards.
Token Burn Rate Increased by 850%
On the other hand, Shiba Inu’s token burn mechanism is also noteworthy. Over the past seven days, the token burn rate has increased by nearly 850%, with over 148 million tokens removed from circulation. This burn activity reduces SHIB’s circulating supply, making it rarer and, therefore, more valuable.
The Shiba Inu team has already conducted a significant token burn by sending 41% of the total supply (approximately 410 trillion) to an inaccessible wallet address.
Meanwhile, Shiba Inu is not the only memecoin in the red zone. The memecoin market dropped sharply today. However, a few memecoins like Dogecoin (DOGE) and Pepe (PEPE) managed to stay in the green on a weekly basis. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) were also affected by this decline; BTC fell to the $58,000 level, while ETH lost its $2,700 resistance level.
