.png){kind=logo}
Shiba Inu (SHIB) has surpassed Litecoin (LTC) in the global cryptocurrency ranking after experiencing a surge in price and a significant increase in the rate of token burns. At the time of this report, SHIB already has a market capitalization of $9.34 billion, slightly higher than Litecoin's $ 9.15 billion. This is a new development that has seen SHIB rise to 18th place among the best cryptocurrencies based on market cap.
SHIB has experienced steady growth at various periods. It rose by 5.43% during the last twenty-four hours, 15.36% over the last week, and 39.47% in the previous months. SHIB is currently trading at a two-month high, having soared to 0.00001587 per unit.
According to the data provided by Shibburn, the SHIB burn rate increased by 883% over 24 hours. Over the last seven days, 131,421,765 SHIB have been burned. A notable wallet, identified by the address 0x188…c3cdd, burned 1.34 million SHIB coins across eight transactions, one of which involved 1 million SHIB.
Although the burn may appear insignificant given the ample supply of SHIB in relation to the number of tokens burned, the increase in burning operations serves as a positive indicator of community activity aimed at reducing the total number of tokens.
Currently, 410.75 trillion SHIB (410,751,430,845,300 SHIB) tokens have been permanently removed from the total supply through burns.
The fact that Shiba Inu surpassed Litecoin shows how community tokens are becoming increasingly involved in the crypto sphere. The SHIB community continues to conduct burn campaigns to reduce the supply further and drive up the price.
Although the weekly burn rate is currently 89.53% below last week's, the latest 24-hour surge has again placed SHIB under the spotlight. With the same tendencies, SHIB can position itself to be a threat to more established cryptocurrencies by market value.
Also Read: Shiba Inu's Rollercoaster: Meme Coin Rides Market Volatility
