Key Shiba Inu SHIB Metrics Surge with Daily Price Increase of 65 Detailed Insights

CoinDesk report:
The price of Shiba Inu (SHIB) has been on a roller coaster in the past few days, mirroring other parts of the cryptocurrency market.
However, the popular dog-themed meme coin made some progress in the past day, with significant increases in price and other key indicators.
SHIB price rebounds by 6.5% daily
The 7-day chart of SHIB, much like the 7-day charts of many other altcoins, looks like the Mariana Trench.
Source: CoinGecko
The meme coin followed the footsteps of Bitcoin and other major altcoins in a sharp drop in value last weekend, but managed to find a local bottom and recover.
While SHIB’s price is still down 2.7% over the past seven days, it saw an impressive rebound of over 6.5% in the past 24 hours, currently trading at around $0.00001637.
Important SHIB indicators also soaring
While the recovery aligns with the broader cryptocurrency market’s rise over the past few days, it is worth noting that two indicators related to SHIB are also on the rise.
The first is the burn rate. A small portion of the total supply is permanently destroyed with each SHIB transaction. In the past 24 hours, it surged nearly 800%, resulting in around 18 million tokens being burned.
Source: Shibburn
Although the dollar equivalent of burned SHIB tokens is insignificant, the continued efforts in this regard aim to have a positive impact on the market.
The second significant indicator showing growth is whale activity. Data from popular analytics firm IntoTheBlock shows that large transactions of the meme coin increased by about 180% in the past 24 hours.
The firm’s outlook on SHIB remains mostly bearish, but if the bull market can keep up with the pace of the past few days, the meme coin may make a comeback.
Check out our Shibarium news today for more updates on the entire Shiba Inu ecosystem.