The meme coin Shiba Inu experienced a notable surge of 20% on August 6, leading the way for the overall meme coin niche. This surge comes on the heels of a market capitalization rise above $40 billion, showcasing significant gains not only for Shiba Inu but also for other meme coins such as Dogecoin, Pepe, and Bonk Inu.
One of the crucial factors contributing to Shiba Inu’s recent success is the increase in transaction volume and burn rate. Data shows that the aggregated daily volume for SHIB transactions exceeding $100k has spiked by almost 500%, reaching nearly $120 million. Additionally, the burn rate has skyrocketed by 1,244% in the last 36 hours, resulting in the destruction of over 2.7 million tokens. While the USD equivalent of the burnt tokens may seem insignificant, the continuous efforts to reduce the circulating supply could have a positive impact on the meme coin’s price in the long run.
Shiba Inu is not the only meme coin experiencing positive price movements. The overall market capitalization of the meme coin sector has surged above $40 billion, indicating a strong rebound from the local bottom experienced earlier. Other meme coins like Dogecoin, Pepe, and Bonk Inu have also recorded impressive gains in recent days, contributing to the overall market momentum.
In addition to Shiba Inu, other meme coins such as BRETT, MEW, POPCAT, and NEIRO have emerged as top performers, with NEIRO seeing a staggering 280% weekly increase in market capitalization. Despite being embroiled in an insider trading scandal, NEIRO has managed to position itself as the 18th biggest meme coin by market capitalization, surpassing $200 million in value.
The recent surge in the meme coin market, led by Shiba Inu and supported by other coins in the niche, underscores the dynamic nature of the cryptocurrency market. With key indicators on the rise and market capitalization rebounding, meme coins continue to attract investor interest and defy traditional market expectations. As the meme coin sector continues to evolve, it will be interesting to see how these coins navigate the volatile cryptocurrency landscape and carve out their unique market positions.
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