Shiba Inu price lags behind despite massive spike in Shibarium transactions and SHIB token burn

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Shiba Inu price is struggling to wipe out its losses from the past week. SHIB price declined 3.42% in the past seven days. The meme coin’s Layer 2 cha

ecosystem token holders, for bridging Ethereum, BONE, and other tokens to Shiba Inu’s Layer 2 chain.

Despite the rising transaction activity on Shiba Inu’s scaling solution, the update failed to fuel a recovery in SHIB price. The burn rate of SHIB tokens picked up pace with nearly 80% increase overnight, 61.96 million Shiba Inu tokens were burned, early on Saturday. Burning tokens removes them from circulation, effectively reducing the supply of SHIB across exchanges and in turn reducing the selling pressure on the meme coin. Therefore, it holds significance as a catalyst, alongside other metrics.

SHIB’s social dominance, an indicator that measures the mentions of Shiba Inu across social media platforms, is on the rise. Social dominance started rising on September 7, as seen in the chart from crypto intelligence tracker Santiment. The rise in social dominance is typically followed by a SHIB price recovery, as seen on August 5, August 12, August 29. The spike in social dominance is followed by a peak in SHIB price.

 

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