CoinDesk reports:
Shiba Inu (SHIB) prices have been on a rollercoaster ride over the past few days, mirroring other segments of the cryptocurrency market.
However, the popular dog-themed meme coin made some strides in the past day, with significant increases in price and other key metrics.
SHIB prices rebounded 6.5% daily
The 7-day chart for SHIB, much like those of many other altcoins, resembles the Mariana Trench.
Source: CoinGecko
The meme coin followed in the footsteps of Bitcoin and other major altcoins, plummeting in value over the weekend but managing to find local bottoms and recover.
SHIB prices are still down 2.7% over the past seven days, but achieved a remarkable bounce of over 6.5% in the past 24 hours, currently trading at approximately $0.00001637.
Important SHIB metrics are also skyrocketing
While the recovery aligns with broader gains in the cryptocurrency market over the past few days, it’s worth noting two metrics specific to SHIB are also on the rise.
The first is the burn rate. With each SHIB transaction, a small portion of the total supply is permanently destroyed. In the past 24 hours, it surged nearly 800%, resulting in around 18 million tokens being burned.
Source: Shibburn
While the dollar equivalent of burned SHIB tokens is negligible, ongoing efforts in this regard aim to have a positive impact on the market.
The second significant metric showing growth is whale activity. Data from popular analytics firm IntoTheBlock shows a roughly 180% increase in whale transactions for the meme coin in the past 24 hours.
The firm’s outlook on SHIB remains largely bearish, but if the bullish trend of the past few days can be sustained, the meme coin may stage a comeback.
Check out our Shibarium news today for more updates on the entire Shiba Inu ecosystem.
