Peter Smith
Shiba Inu (SHIB) sees a 140% surge in transaction volume despite recent market turbulence, highlighting renewed investor interest in the memecoin.
Shiba Inu's Transaction Volume Explodes Amid Market Turbulence
In the context of high volatility in the crypto market, Shiba Inu (SHIB) has distinguished itself with a spectacular increase in transaction volume. This surprising development comes as the memecoin sector experiences a rebound following a significant correction.
The crypto market has undergone a tumultuous period over the last 24 hours, with many assets experiencing notable drops. Shiba Inu was not exempt from this trend, recording a 6.4% decrease at its lowest point. However, SHIB's resilience quickly manifested, with the token now showing a 2.62% gain compared to the previous day.
The most striking element remains the explosion in transaction volume for SHIB. According to CoinMarketCap data, SHIB's transaction volume surged by 140% over a 24-hour period. This massive increase reflects renewed investor interest in the memecoin, despite an uncertain market context.
SHIB’s Burn Rate Declines Amid Rising Transaction Volume
Despite the surge in transaction volume, SHIB’s burn rate remains in negative territory. The Shibburn platform reports a 0.49% decrease in the last day, with only 10 million tokens destroyed. This destruction mechanism, aimed at reducing the circulating supply and supporting the price, seems to be temporarily stalling.
Shiba Inu’s recovery is part of a broader rebound in the memecoin sector. According to CoinGecko, this category shows an overall increase of 4.8% in the last 24 hours. Some cryptos stand out particularly, such as WIF (+18.4%), BONK (+15%), and FLOKI (+12%).
It is worth noting that despite its popularity, SHIB lags behind these performances. This situation could be explained by a certain caution among investors regarding the most established memecoins, favoring newcomers that are more volatile but potentially more lucrative in the short term.
Conclusion
As Shiba Inu navigates through market fluctuations and the evolving dynamics of the memecoin sector, its recent transaction volume surge highlights its enduring appeal. Despite challenges such as a declining burn rate, SHIB’s resilience and investor interest suggest potential for further market movements in the near future.
Peter Smith
