Shiba Inu (SHIB), often regarded as the second-largest memecoin, has recently secured its position as the 18th largest cryptocurrency by market capitalization. With an impressive 21% growth in the past week, SHIB has surpassed established cryptocurrencies like Litecoin and Dai, now boasting a market cap exceeding $5.88 billion.
This surge in SHIB’s market standing is propelled by its remarkable burn rate, a phenomenon witnessed in a historic event where approximately 8.2 trillion SHIB tokens were burned in a single transaction. This strategic move has not only fueled SHIB’s ascent in market cap but has also generated significant trading volume surges. In the past 24 hours alone, SHIB’s trading volume has surged by 132%, with the SHIB and USDT pair on Binance recording a substantial 26% increase.
🚨SHIBA INU COIN BIG NEWS! #SHIB PRICE BREAKOUT READY🔥 $SHIB 🔥
It's starting to happen #SHIBARMYSTRONG pic.twitter.com/1Xm0GXt8po— Oscar Ramos (@realOscarRamos1) December 6, 2023
Notably, Shiba Inu’s growth is part of a broader trend in the memecoin space. PepeCoin, witnessing a 45% weekly gain, ranks sixth in the market’s weekly performance. Additionally, the pioneering memecoin Dogecoin (DOGE) has recorded a 25% weekly growth, approaching its last-year anniversary price.
In a parallel development, the momentum continues with Shibarium, as the burning of 8.2 billion SHIB tokens marks a historic event, further solidifying Shiba Inu’s presence in the ever-evolving cryptocurrency landscape.
