Time for a Rally?

The popular meme coin – Shiba Inu – has seen better days as its price slightly retraced in the past 24 hours, while its market capitalization briefly dropped below $8 billion.

Shiba Inu Price Analysis: Key Metrics Hint at an Impending Rally

Shiba Inu's market cap briefly dropped below $8 billion, and the coin's price retraced slightly in the past 24 hours. However, some crucial metrics suggest that a price rally might be on the horizon.

The layer-2 blockchain solution Shibarium processed 6,360 daily transactions on August 14, a 60% increase compared to the previous day. The total number of Shibarium transactions surpassed 418 million, and wallet addresses are nearing the 2 million mark.

Shibarium aims to foster the development of the Shiba Inu ecosystem by enhancing scalability, reducing transaction costs, and improving speed. Its further development could positively impact the SHIB price.

The Shiba Inu burning mechanism also saw continuous efforts, with the burn rate exploding by almost 850% in the past seven days, resulting in over 148 million tokens being destroyed.

The team behind the meme coin has already sent more than 41% of the total supply (around 410 trillion) to a null address.

Shiba Inu's burning mechanism aims to reduce the vast circulating supply of SHIB, making it scarcer and potentially more valuable.

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