The meme coin sector has bounced back from recent market losses. On August 6, Shiba Inu (SHIB) saw a 20% increase, along with a significant rise in transaction volume and burn rate.
Overall, the meme coin market recovered, with its total value climbing above $40 billion, thanks to notable gains from Dogecoin, Pepe, and Bonk Inu.
Shiba Inu Rebounds with Strong Indicators After Market Crash
Shiba Inu was one of the top-performing cryptocurrencies on August 6 and continues to perform well today, recovering approximately 20% from the recent low, according to CoinGecko. The current price is around $0.00001359, although it still represents an 18% decline over the past week.
This rebound aligns with the resurgence of key indicators within Shiba Inu’s ecosystem. Data from IntoTheBlock reveals a nearly 500% surge in SHIB’s daily transaction volume exceeding $100K, reaching nearly $120 million. Additionally, the burn rate has skyrocketed by 1,244% over the past 36 hours, resulting in over 2.7 million tokens being destroyed.
While the USD value of the burned tokens is relatively small, ongoing burning efforts could positively influence SHIB’s price. The goal of reducing the circulating supply, combined with a potential rise in demand, may lead to a price rally based on economic principles.
In July, the SHIB team burned almost 380 million tokens across 178 transactions. Data shows that about 41% of the total supply, nearly 411 trillion coins, has already been sent to a null address.
Meme Coin Sector Rebounds with Significant Gains
Shiba Inu is not alone in its recovery; the entire meme coin sector has seen a notable rebound. The market capitalization for meme coins has surged above $40 billion, bouncing back from a recent low of around $33 billion registered on Monday.
Dogecoin (DOGE), the largest meme coin, gained 10% on Tuesday. Other notable performers include Pepe (PEPE), which rose by 17%, and Bonk Inu (BONK), the largest Solana-based meme coin, which climbed by 14%.
The standout performers in the sector were BRETT (up 32%), MEW (up 35%), POPCAT (up 38%), and NEIRO (up 50%). NEIRO has shown an impressive weekly increase of 280%, despite being recently involved in an insider trading scandal. Its market capitalization has exceeded $200 million, making it the 18th-largest meme coin.
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