Shiba Inu Surges in Market Cap, Overtakes Avalanche and Targets Cardano

Bitcoin's Rally and Its Impact on the Cryptocurrency Market

Bitcoin's remarkable surge past the $71,000 mark has created ripples throughout the cryptocurrency landscape. Many altcoins are reaping the benefits of this bullish trend, with significant gains reported across various assets.

Shiba Inu (SHIB) Sees Significant Gains

Among the beneficiaries is Shiba Inu (SHIB), which is now the second-largest canine-themed cryptocurrency. In just 24 hours, SHIB has experienced an impressive 11% increase in price and a corresponding 9.3% rise in market capitalization, which currently sits at $11.02 billion, according to CoinMarketCap.

SHIB's Current Performance

Trading at $0.0000187, SHIB has surpassed Avalanche (AVAX) in market cap, securing the 12th position on CoinMarketCap's rankings. SHIB is now positioned just behind Cardano's ADA, which holds the 11th place. Optimism is rife within the Shiba Inu community, as their marketing lead, Lucie, hinted on Twitter that SHIB is poised to overtake ADA soon.

Rise in the Burn Rate of SHIB Tokens

Another significant factor contributing to SHIB’s increased market performance is the rise in its burn rate. According to the **Shibburn** tracking platform, the burn rate of SHIB tokens has seen a staggering 305.57% increase within the last 24 hours. A total of 51,841,966 SHIB tokens were sent to unspendable blockchain wallets through three transactions.

Details of SHIB Token Transactions

• Two major transfers accounted for the bulk of this burn: 38,126,361 SHIB and 12,248,273 SHIB.
• In total, over the past week, 95,421,295 SHIB tokens have been incinerated, leading to a notable 129.99% increase in the weekly burn rate.
• Overall, approximately 410,731,362,605,568 SHIB tokens have been destroyed, which is roughly half of the initial quadrillion supply.

Current Supply and Market Sentiment

Currently, there are 583,580,994,717,003 SHIB tokens remaining in circulation. As the burn rate continues to surge, the Shiba Inu community remains hopeful for further price increases, backed by a strong market sentiment.

Conclusion

With Bitcoin's recent rally and SHIB’s positive performance, the cryptocurrency market remains dynamic and full of potential for traders and investors alike. The ongoing developments in the Shiba Inu ecosystem indicate a strong community and growing interest in this canine-themed cryptocurrency.