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The crypto industry is experiencing fresh growth in price as the combined market cap jumped 5.06% to $3.62 trillion. Riding this positive momentum is Shiba Inu (SHIB), the second-largest meme coin, which is up 7.05% in 24 hours to trade at $0.00002926, per CoinMarketCap data. Amid this positive growth outlook, there is a twist to watch in SHIB’s growth trajectory.
Shiba Inu and burn rate misaligned
As market data shows, there is a strong difference between SHIB trading metrics and the Shiba Inu burn rate. While CoinMarketCap data pegs the current trading volume at $1.46 billion at a 7.6% surge, Shibburn data flags a drop in burn rate.
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As of writing, only about three million SHIB tokens have been burnt in 24 hours, with a more than 78% rate drop. While SHIB suffered an intense drop over the week amid broad-based sell-offs, its metrics are just recovering, and a slow burn rate may derail actual price rebound.
The Shiba Inu burn rate is an ecosystem metric that indirectly measures the community’s optimism about the SHIB project. This metric helps the community retain positive sentiment that might have a ripple effect on the price of SHIB.
Market turnaround from other ecosystem updates
Shiba Inu is a dynamic project with many positive ecosystem updates. While SHIB whales triggered panic selling earlier in the week, their gradual return is helping to boost overall market demand.
While there is growing expectations for new product launches, the community has stayed connected with Shytoshi Kusama. Notably, his messages on X has continue to sustain the ShibArmy’s hopes.
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Shiba Inu has retained its ranking as the biggest meme coin after Dogecoin. Beyond the speculation associated with regular meme coins, SHIB has evolved over the past year with Shibarium, its layer-2 scaling solution.
With usable products and staking adoption, SHIB hopes to chart the next major milestone in the broader crypto ecosystem with a price surge.