Although there is a slight increase in the price of the Shiba Inu (SHIB) token, some critical metrics are decreasing.
Despite the positive movement of the price, daily trading volumes have decreased significantly.
One notable development was the sharp increase in SHIB's burn rate, with approximately 28 million tokens destroyed in the process. The cryptocurrency market is in the process of recovering after the recent decline. The global market capitalization is around $2.26 trillion, with a one-day increase of 2.7%. Leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) rose above $59,000 and $3,100. In the meme coin segment, Shiba Inu (SHIB) recorded a 2% price increase in the last 24 hours, bringing its market value close to 10 billion dollars. However, some metrics for the SHIB ecosystem paint a mixed picture.
Large Transactions and Decline in Shibarium Activity
IntoTheBlock data shows that daily volume of SHIB transactions over $100,000 dropped to $27 million, a 70% decrease daily. Additionally, the Shibarium blockchain solution, introduced last August, has challenges with scalability, speed, and transaction efficiency. While the number of daily transactions on Shibarium dropped below 3,500, the number of blocks processed in the last 24 hours decreased by over 70%.
Despite declines in some metrics, the 350% daily increase in Shiba Inu burn rate led to the destruction of approximately 28 million SHIB tokens. The USD value of burned tokens may be small, but a reduction in circulating supply could positively impact the value of SHIB over time if demand remains constant or increases.
The recent increase in the SHIB cremation rate is not an isolated event. A similar increase occurred on July 7, when the SHIB price increased, with an 800% increase in the burn rate. These periodic burn rate increases highlight efforts to manage supply and potentially stabilize or increase the token value.
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