Key Shiba Inu Indicators Point North: Is SHIB Price Recovery Imminent?

In brief

• Key metrics such as the increase in Shibarium transactions and a rising SHIB burn rate point to a possible price rally despite recent declines.
• Shiba Inu’s decline reflects a broader correction in the meme coin and the crypto market.

Time for a rally?

The popular meme coin – Shiba-Inu – has seen better days, as its price has declined slightly in the last 24 hours, while its market capitalization meager fell below $8 billion. Currently, SHIB is trading at around $0.00001363, down 14% in two weeks.

Despite the negative trend, some key metrics suggest that a price rally could be imminent. One example is the resurgence of the layer-2 blockchain solution Shibarium. Data shows that the protocol processed 6,360 daily transactions on August 14, a 60% increase from the previous day.

The total number of Shibarium transactions has exceeded 418 million, while wallet addresses are slowly approaching the 2 million mark. The is considered serious Success for the network that saw the light of day less than a year ago.

Shibarium primarily The goal is to promote the development of the Shiba Inu ecosystem by improving scalability, reducing transaction costs, and improving speed. According to some industry participants, further development could have a positive impact on the SHIB price.

For further updates on the ecosystem, please visit Make sure Check out our Shibarium news.

Another factor to observe is the Shiba Inu’s combustion mechanism. The burn rate has exploded by almost 850% in the last seven days, resulting over 148 million tokens be destroyed. Continued efforts in this area will further reduce the enormous circulating supply of SHIB, making it scarcer and potentially more valuable (should demand increase or remain the same).

The team behind the meme coin has already sent more than 41% of the total supply (around 410 trillion) to a zero address.

In total Memes coin Waste

The self-proclaimed Dogecoin killer is not the only meme coin in the red today (August 15), the entire niche is bleeding heavily.

Some of the weakest performers from the top 10 Association contain Subscribe (WIF) and Mog Coin (MOG) with a decline of 7% and 16% respectively.

Dogecoin (DOGE) and Pepe (PEPE) are among the very few show slight declines and are in the green zone on a weekly basis. The former is up 3% during this period and is currently trading at around $0.10, while the frog-themed token is up around 2%.

The underperformance of the meme coin niche coincides with a general decline in the crypto market. Bitcoin (BTC) drummed to around $58,000, while Ethereum (ETH) lost the resistance level of $2,700.