Shiba Inu Climbs to 18th Largest Cryptocurrency Based on Market Cap
Shiba Inu (SHIB), the second largest memecoin, has seen a massive 21% growth in the past week, surpassing Litecoin and Dai to become the 18th largest cryptocurrency by market cap. Currently, SHIB’s market cap stands at over $5.88 billion, giving it a $50 million lead over its closest competitors.
Trading Volume Soars with a 132% Increase
Alongside its impressive market cap growth, SHIB has also experienced a surge in trading volume. Over the past 24 hours, its trading volume has increased by 132%. On Binance alone, the SHIB and USDT pair saw a 26% rise in trading volume since yesterday.
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Burn Rate Contributes to Significant Growth
A key factor behind Shiba Inu’s remarkable growth is its recent burn rate. In a single transaction yesterday, approximately 8.2 trillion SHIB tokens were burned. This burning of tokens has contributed to the coin’s increasing value and popularity.
PepeCoin and DOGE Also Experience Rally
Shiba Inu is not the only memecoin enjoying a significant rally. PepeCoin has experienced a 45% weekly gain, making it the sixth-highest weekly gainer in the market. Additionally, leading memecoin DOGE has recorded a 25% growth over the past week, reaching a price similar to last year on its anniversary.
Hot Take: Memecoins Continue to Make Waves in the Crypto Market
Meme-based cryptocurrencies like Shiba Inu, PepeCoin, and DOGE continue to attract attention and make waves in the crypto market. These coins, driven by their strong communities and viral appeal, have witnessed substantial growth and are challenging established cryptocurrencies in terms of market cap and trading volume. The recent burn rate of SHIB tokens further emphasizes the influence and potential of memecoins. As the crypto market evolves, it will be interesting to see how these memecoins continue to shape the landscape and capture the imagination of investors.
