Back on the Green Track
In recent hours, the cryptocurrency market has demonstrated a notable recovery, regaining some of the losses witnessed at the end of the previous week. Bitcoin (BTC) experienced a surge, approaching the $58,000 mark, while Ethereum (ETH) surpassed the $3,000 threshold.
Furthermore, meme coins have also exhibited significant gains within the hourly timeframe. Leading performers in this category include Shiba Inu (SHIB), Bonk Inu (BONK), and Pepe (PEPE).
SHIB, often dubbed the “Dogecoin killer,” stands as the second-largest meme coin and the 14th-largest cryptocurrency overall, boasting a 13% surge from its recent lows.
SHIB Market Cap
Even lesser-known meme coins have reflected impressive increases, as exemplified by the performance of dog-themed Billy (BILLY), which has risen by 10% within the past hour and an astounding 140% over the past week. Similarly, Gigachad (GIGA) has experienced substantial gains, while HOPPY has surged by 72% in the last seven days.
SHIB Metrics Decline
Conversely, despite the price recovery of Shiba Inu, key ecosystem indicators have registered declines. The burn rate dwindled by over 90% in the last 24 hours, resulting in the destruction of only 1.1 million tokens. This decline followed a weekend surge where the burn rate spiked by approximately 800%, leading to the null address receipt of around 18 million tokens.
Notably, Shibarium, Shiba Inu’s layer-2 blockchain solution, has observed a slowdown, with data indicating that daily transactions fell below 5,000 on July 7, marking a 40% decrease from the previous day. Launched in August last year, Shibarium aims to elevate Shiba Inu by reducing transaction costs, enhancing speed, and bolstering scalability.