Shiba Inu (SHIB) has maintained resilience, despite uncertainty on the broader market. At the time of writing, the meme coin has seen at least three of its most-watched metrics print positive jumps in hopes of a major rebound. Shiba Inu now serves a crucial role on the market as a litmus test for measuring the performance of other meme coins on the market.
Shiba Inu metrics to watch
The Shiba Inu price has made a promising uptick overnight. At the time of writing, the token was changing hands for $0.00001366, up by 3.6% in 24 hours, per data from CoinMarketCap. This price uptick is a positive glimpse to monitor for a token that has dropped by more than 6% in the past week.
Shiba Inu 1D Chart. Source: CoinMarketCap
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Another crucial metric boosting SHIB sentiment is the burn rate. While the project's deflationary moves have been below expectations since the launch of the Shibarium Burn portal, data from Shibburn pegs the burn rate at 24.71%, with more than 1.4 million tokens torched. Small as this might be, it signifies a major shift in community commitment toward deflating the token’s supply.
Lastly, there is a gradual rebound in total transactions registered on the Shibarium network. On Sept. 1, the number of transactions recorded on-chain occurred at approximately 2,190. As of Sept. 2, this figure has doubled to 4,240. This uptick is evidence of returning bullish sentiment overall.
Nontechnical shift
With core developers, led by Shytoshi Kusama, doing all they can to enhance the Shibarium network and broader Shiba Inu ecosystem, new products are generally amplifying their efforts.
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For instance, Agent Shiboshi, a Shiba Inu game, has gone live on the App Store for iOS users. The protocol is also shifting toward DAO governance, as it seeks to give its community more power through SHIB.
