The Shiba Inu (SHIB) cryptocurrency has experienced a significant surge in trading volume, even as the broader meme coin sector navigates through recent market turbulence.
SHIB’s Market Recovery: A Closer Look
The cryptocurrency market faced considerable volatility over the past 24 hours, with Shiba Inu (SHIB) being one of the affected assets. At one point, SHIB’s price plummeted by about 6.4%, reflecting the broader market’s downward trend. However, like many other altcoins, SHIB has started to recover, showing a 3% gain compared to its price from the previous day.
Massive Increase in SHIB Trading Volume
Data from CoinMarketCap highlights a remarkable increase in SHIB’s trading volume, which surged by 140% in the past 24 hours. This spike in activity suggests heightened investor interest and trading activity around SHIB, despite its recent price fluctuations. The increased volume is a positive indicator for the coin, potentially signalling more market movements in the near future.
Burn Rate Declines Amid Increased Trading
While SHIB’s trading volume has skyrocketed, the burn rate tells a different story. According to Shibburn, the burn rate has declined by 0.49% over the past day, with only 10 million SHIB tokens being destroyed. This negative burn rate indicates that fewer tokens are being removed from circulation, which could have implications for SHIB’s overall supply and future price dynamics.
Meme Coin Sector Shows Signs of Recovery
The broader meme coin sector has also shown resilience following the recent market dip. According to CoinGecko, the meme coin category is up 4.8% in the past 24 hours. Notable performers in this sector include WIF, which is up 18.4%, BONK with a 15% increase, and FLOKI, which has risen by 12%. Despite SHIB’s significant trading volume increase, it lags behind these coins in terms of percentage gains.