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The Shiba Inu (SHIB) price has been on a rollercoaster throughout the past few days, mimicking the rest of the cryptocurrency market.
In the past day, however, the popular dog-themed meme coin has gained some ground, charting a somewhat notable increase in price and other important indicators.
SHIB Price Recovers 6.5% Daily
The 7-day chart of SHIB, much like that of many other altcoins, looks like the Mariana Trench.
The meme coin, following in the footsteps of Bitcoin and other major altcoins, plummeted in value toward the end of last week but managed to find what seems to be a local bottom and recovered.
SHIB’s price remains 2.7% down in the past seven days, but it has managed to stage an impressive rally of over 6.5% in the last 24 hours to where it currently trades at around $0.00001637.
Important SHIB Metrics Soar as Well
While the recovery is in line with an uptick in the broader cryptocurrency market over the past couple of days, it’s important to note that two metrics related to SHIB are also on the rise.
The first one is the burn rate. With each SHIB transaction, a small percentage of the total supply is permanently destroyed. In the past 24 hours, it has skyrocketed by almost 800%, resulting in some 18 million tokens being burned.
While the USD equivalent of the burned SHIB tokens is insignificant, continuous efforts in this regard are aimed at having a positive impact on the market.
The second metric that saw a considerable increase is whale activity. Data from the popular analytics firm IntoTheBlock shows that the meme coin’s large transaction volume increased by about 180% in the past 24 hours.
The firm’s summary for SHIB remains mostly bearish, but if the bulls are able to keep up the pace from the past few days, then the meme coin might be able to stage a comeback.
Check out our Shibarium news today for more updates on the entire Shiba Inu ecosystem.
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