In recent hours, the cryptocurrency market has experienced a significant rebound, with Bitcoin surging to almost $58,000 and Ethereum surpassing the $3,000 mark. Meme coins, such as Shiba Inu, have also seen substantial gains during this period. The overall market trend seems to be back on track after some losses at the end of the previous week.
Among the meme coins, Shiba Inu has emerged as one of the best performers, along with Bonk Inu, Pepe, and others. Despite being dubbed as the “Dogecoin killer,” SHIB has risen to become the second-largest meme coin and the 14th-largest in the entire cryptocurrency sector. Its price has seen a 13% increase since hitting recent lows.
In addition to Shiba Inu, lesser-known meme coins like Billy, Gigachad, and Hoppy have recorded impressive gains as well. Billy has surged by 10% in the last hour and an astounding 140% over the past week. Similarly, Gigachad and Hoppy have seen significant increases in their prices in the last seven days.
Despite the recent price surge of Shiba Inu, some important ecosystem metrics have shown a decline. The burn rate, which measures the number of tokens destroyed, has plummeted by over 90% in the last 24 hours. This is a stark contrast to the exponential increase observed over the weekend when millions of tokens were burned.
Furthermore, the layer-2 blockchain solution Shibarium has also faced challenges with a decrease in daily transactions. The network, which was launched in August last year, aims to improve the efficiency and scalability of the Shiba Inu ecosystem. However, recent data indicates a 40% drop in daily transactions on July 7, raising concerns about its progress.
While the cryptocurrency market has witnessed a rebound in prices, the decline in important ecosystem metrics and stalled progress in key blockchain solutions like Shibarium serve as a reminder of the volatility and challenges faced by the crypto industry. Investors and enthusiasts alike should remain vigilant and stay updated on the latest developments in the market to make informed decisions.
