TL;DR

The cryptocurrency market rebounded, with Bitcoin reaching almost $58,000 and Ethereum spiking above $3,000. Meme coins like Shiba Inu also saw significant gains. Despite the price surge, some SHIB ecosystem metrics, including burn rate and transactions on Shibarium, have declined.

Back on the Green Track

The cryptocurrency market rebounded substantially in the past few hours, erasing some of the losses witnessed at the end of last week. Bitcoin (BTC) spiked to almost $58,000, while Ethereum (ETH) reclaimed the $3K mark.

The meme coin realm is also well in the green on an hourly scale. The best performers from the leading ones include Shiba Inu (SHIB), Bonk Inu (BONK), Pepe (PEPE), and more. 

Currently, the self-proclaimed Dogecoin killer is the second-largest in the meme coin cohort and the 14th-biggest in the entire sector. SHIBs price is up 13% since the lows from a few hours ago. 

SHIB Market Cap, Source: CoinGecko Some lesser-known meme coins have witnessed even more impressive gains. The dog-themed Billy (BILLY) is up 10% in the past hour and a whopping 140% on a weekly scale. Gigachad (GIGA) has recorded a similar ascent, whereas HOPPY is up 72% in the last seven days.

SHIB Metrics Go Down

Despite Shiba Inus price resurgence, important indicators related to its ecosystem have headed south as of late. The burn rate has tumbled by over 90% in the last 24 hours, resulting in only 1.1 million tokens destroyed. 

Recall that the metric exploded by around 800% over the weekend when approximately 18 million assets were sent to a null address.

The layer-2 blockchain solution Shibarium has also stalled its progress. Data shows that daily transactions dipped below 5,000 on July 7, a 40% decrease from the figure observed the day before.

The network officially saw the light of day in August last year. It is designed to foster the advancement of Shiba Inu by lowering transaction costs, improving speed, and enhancing scalability.

For more updates on the ecosystem, make sure to check out our Shibarium news section.