Shiba Inu (SHIB) experienced a significant surge of 20% on August 6th, showcasing a strong rebound in the overall meme coin market niche. Despite a 18% decline on a weekly scale, SHIB’s price is currently hovering around $0.00001359. This price increase comes after a recent market crash, indicating a newfound momentum in the meme coin sector.
Key indicators within Shiba Inu’s ecosystem have shown promising signs of recovery. Data from IntoTheBlock reveals that SHIB’s aggregated daily volume, specifically transactions exceeding $100K, has soared by nearly 500%, reaching close to $120 million. Additionally, the burn rate of SHIB tokens has surged by 1,244% over the last 36 hours, resulting in the destruction of over 2.7 million tokens. While the immediate impact on price may be negligible, consistent efforts to reduce the circulating supply could potentially drive up demand levels and trigger a price rally.
Shiba Inu’s resurgence is not an isolated event, as the meme coin sector’s market capitalization has surpassed $40 billion. This significant increase marks a substantial recovery from the recent bottom of around $33 billion. Other meme coins such as Dogecoin (DOGE), Pepe (PEPE), and Bonk Inu (BONK) have also shown notable gains, with DOGE climbing by 10% and PEPE and BONK increasing by 17% and 14% respectively.
Apart from Shiba Inu, other meme coins have also demonstrated impressive performance. Coins like BRETT, MEW, POPCAT, and NEIRO have experienced significant price surges, with NEIRO seeing a remarkable 280% increase in just one week. Despite facing challenges like an insider trading scandal, NEIRO’s market capitalization has exceeded $200 million, solidifying its position as the 18th largest meme coin in the market.
The recent resurgence of meme coins, led by Shiba Inu, indicates a renewed interest and optimism in the meme coin sector. With key indicators showing positive trends and market capitalization on the rise, meme coins are once again attracting attention from investors and traders alike. As the market continues to evolve, it will be interesting to see how these meme coins perform in the coming days and weeks.
Leave a Reply