Recently, the cryptocurrency market has experienced a significant rebound, with Bitcoin reaching almost $58,000 and Ethereum spiking above $3,000. This surge in prices has brought relief to many investors who witnessed losses at the end of last week. Meme coins such as Shiba Inu have also seen noteworthy gains during this period.
In the realm of meme coins, Shiba Inu is currently the second-largest in its cohort and the 14th-biggest in the entire cryptocurrency sector. Despite some fluctuations, SHIB’s price has risen by 13% since hitting recent lows. Additionally, other lesser-known meme coins like Billy, Gigachad, and Hoppy have recorded impressive gains in the past week.
Despite the positive price movements, some important metrics related to the Shiba Inu ecosystem have taken a hit. The burn rate, which measures the number of tokens being destroyed, has dropped by over 90% in the last 24 hours. This decline is in stark contrast to the significant increase seen over the weekend when millions of tokens were destroyed.
Shibarium, the layer-2 blockchain solution designed to enhance the Shiba Inu ecosystem, has also faced setbacks. Daily transactions on the platform have decreased by 40% on July 7, indicating a slowdown in activity. This comes as a disappointment for those hoping for increased efficiency and scalability within the network.
While the recent rebound in the cryptocurrency market has offered some relief to investors, the decline in ecosystem metrics and stalling progress of Shibarium raise concerns about the sustainability of these gains. It is crucial for investors to closely monitor these developments and stay informed about the latest updates in the cryptocurrency space to make informed decisions.
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