Are Shiba Inu’s Better Days Coming?
Shiba Inu, the popular meme coin, has experienced a slight price retracement in the past 24 hours, with its market capitalization briefly dipping below $8 billion. Currently, SHIB is trading at around $0.00001363, reflecting a 14% decline over two weeks.
Positive Signs for a Price Rally
- Shibarium, a layer-2 blockchain solution, has shown a resurgence with 6,360 daily transactions on August 14, marking a 60% increase from the previous day.
- The total number of Shibarium transactions has exceeded 418 million, with wallet addresses nearing the 2 million mark.
- Shibarium aims to enhance the development of the Shiba Inu ecosystem by improving scalability, reducing transaction costs, and increasing speed.
- The burning mechanism for Shiba Inu has seen an 850% increase in the past week, destroying over 148 million tokens. This continuous effort could reduce the circulating supply of SHIB, potentially increasing its value.
Additionally, the meme coin’s team has already sent more than 41% of the total supply to a null address, further emphasizing the burning process.
Meme Coin Market Decline
Shiba Inu is not the only meme coin facing a decline, as the entire niche is experiencing a downturn. Some of the top performers include dogwifhat (WIF) and Mog Coin (MOG), down 7% and 16%, respectively.
Despite the overall decline, Dogecoin (DOGE) and Pepe (PEPE) have managed to chart minor decreases and remain in the green on a weekly scale. DOGE is up 3% and trading around $0.10, while PEPE has risen by approximately 2%.
This dip in meme coins coincides with a broader decline in the crypto market, with Bitcoin (BTC) dropping to around $58,000 and Ethereum (ETH) losing the $2,700 resistance level.
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