The Indicators’ Resurgence
Despite experiencing a daily price correction of around 7%, Shiba Inu witnessed the revival of some important metrics related to its ecosystem.

The burn rate, for example, has skyrocketed by 450% in the past 24 hours, resulting in almost 50 million tokens sent to a null address. The USD equivalent of the stash might be insignificant, but continuous efforts in that field can have a positive effect on the price.

Data shows over 41% of SHIB’s total supply has been destroyed. Reducing the circulating supply leads to scarcity, which could push the meme coin’s value up (assuming demand stays the same or rises).

Shiba Inu whales have also been quite active as of late. According to IntoTheBlock, aggregated daily volume (where each transaction exceeds $100,000) neared $900 million, representing a whopping 1,800% increase compared to the figure observed on July 18.

Some Shibarium metrics, including active accounts, new transactions, and verified contract growth, have also headed north in the past few days.

The layer-2 scaling solution saw the light of day less than a year ago, aimed at fostering the development of Shiba Inu by reducing transaction costs, improving speed, and enhancing scalability. For more updates on the matter, make sure to check out our Shibarium news.

It will be interesting to see whether a SHIB price rally will follow the resurgence of the aforementioned bullish indicators in the near future.

#SHIB، #shiba⚡