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Shiba Inu (SHIB) Price Gains 2%, but Key Metrics Tumble Amid Rising Burn Rate

Shiba Inu (SHIB) shows a 2% price increase amid falling metrics and rising burn rate.

Wed, 10 Jul 2024, 09:59 am UTC

Shiba Inu (SHIB) has seen a 2% price increase, but some key metrics have dropped. Despite this, SHIB's burn rate surged by 350%, eliminating nearly 28 million tokens.

Shiba Inu's Market Performance

CryptoPotato reports following the recent crash, the cryptocurrency sector has been steadily making a comeback. Bitcoin (BTC) hit $59,000, and Ethereum (ETH) crossed $3,100, contributing to a 2.7% daily increase in the market value, which is now around $2.26 trillion.

Some of the most prominent meme coins, such as Mog Coin (MOG), Bonk Inu (BONK), and Brett (BRETT), are also doing well in the market.

Shiba Inu (SHIB), the second-largest in the group, added almost 2% to its value on the last day, bringing its market worth to slightly under $10 billion. Some measures pertaining to the token's ecosystem have fallen significantly, even though it has recovered.

Declining Transaction Volumes

Data from IntoTheBlock shows that the total daily volume of transactions with values above $100,000 is below $27 million, a decrease of 70% from the previous day.

Its advancement has also been halted by Shibarium, a layer-2 blockchain solution. The amount of blocks processed on the network in the past 24 hours has dropped by more than 70%, and the number of daily transactions has fallen below 3,500.

In August of last year, the protocol was formally released with the goal of helping the Shiba Inu ecosystem grow by making transactions faster, more scalable, and cheaper.

Shiba Inu's Burn Rate Soars, Impacting Circulation and Value

Not all measures related to SHIB are down today (July 10), it's worth noting. Take Shiba Inu as an example; their burn rate has increased by 350% every day, destroying about 28 million tokens.

Consistent work in that area can yield good results, even if the stash's USD equivalent is negligible. Because the process lowers the amount of SHIB in circulation, its value can rise in response to either a rise in demand or a maintenance of current levels of demand.

On July 7, there was a comparable revival of the program. In the past, when SHIB's price was on the rise, the burn rate increased by 800%.

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