Shiba Inu (SHIB) has demonstrated resilience despite uncertainty in the broader crypto market. The meme coin has seen three key metrics surge, fueling hopes for a significant rebound. SHIB now plays a vital role as a barometer for measuring the performance of other meme coins in the market.
Positive Price Movement
Overnight, Shiba Inu’s price saw a promising increase. At the time of writing, SHIB is trading at $0.00001359, reflecting a 3.6% rise in the last 24 hours, according to CoinMarketCap data. This uptick is encouraging, especially after the token experienced a 6% decline in the past week.
Shiba Inu Chart. Source: CoinMarketCap
The burn rate is another crucial metric that’s boosting positive sentiment around SHIB. Although the project’s deflationary efforts have lagged behind expectations since the launch of the Shibarium Burn portal, recent data from Shibburn shows a 24.71% increase in the burn rate.
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Over 1.4 million tokens have been burned, signaling a growing community commitment to reducing the token’s supply. This increase in the burn rate is a significant indicator of SHIB’s potential for future gains.
Rebound in Shibarium Transactions
The Shibarium network has also seen a notable rebound in total transactions. On September 1st, the network recorded approximately 2,190 transactions, but by September 2nd, this figure had doubled to 4,240. This rise in transactions suggests a renewed bullish sentiment within the Shiba Inu ecosystem, reflecting growing user engagement and confidence in the network.
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In addition to these technical metrics, nontechnical developments are also contributing to Shiba Inu’s positive momentum. Core developers, led by Shytoshi Kusama, are working to enhance the Shibarium network and the broader Shiba Inu ecosystem. New products, such as the Shiba Inu game “Agent Shiboshi,” which recently launched on the App Store for iOS users, are amplifying these efforts.
The protocol is also moving towards DAO governance, aiming to empower its community through SHIB. These combined efforts and metrics indicate that Shiba Inu is not only maintaining its position but could be poised for a stronger recovery in the near future.
