In the last few hours, the cryptocurrency market has experienced a significant reversal, wiping off some of the losses at the end of last week. The price of Bitcoin (BTC) surged to above $58,000, while Ethereum (ETH) recovered above $3,000. On an hourly basis, the meme coin market is doing very well. Among the top performances are Pepe (PEPE), Bonk Inu (BONK), Shiba Inu (SHIB), and others. The self-declared Dogecoin killer is currently the 14th largest in the industry overall and the second largest within the meme coin cohort. Since it peaked a few hours ago, the price of SHIB has increased by 13%.

Even more remarkable gains have been made by a few lesser-known meme coins. Billy (BILLY) is a dog-themed app that has had a 10% increase in the last hour and a whooping 140% weekly rise. Similar gains have been made by Gigachad (GIGA), while HOPPY has increased by 72% during the past seven days.

SHIB Metrics Go Down

Although the price of Shiba Inus has recently rebounded, significant indications pertaining to its ecosystem have declined. Only 1.1 million tokens have been destroyed in the previous 24 hours due to a 90% decrease in burn rate. Remember how over the weekend, when roughly 18 million assets were delivered to a null address, the metric shot up by almost 800%? The blockchain’s layer-2 solution Progress has also been halted by shibarium. According to data, daily transactions fell below 5,000 on July 7, which is a 40% drop from the previous day’s total.

In August of last year, the network made its official debut. Its goal is to promote Shiba Inu’s growth by reducing transaction costs, increasing speed, and strengthening scalability.