Shiba Inu (SHIB) Flips Polkadot (DOT) as SHIB Burn Rate Sparks Up 6,016%

Striving for the moon, Shiba Inu climbs higher on crypto charts, overtaking both LTC and DOT by global market cap.

A group of people and a large Shiba Inu dog taking a selfie together in front of a lit bonfire.

The Shiba Inu (SHIB) community celebrates another green day for the popular dog-themed memecurrency. As #SHIB and #Shibarium are trending on Crypto Twitter, the friendly bonfire of the SHIB Army comes in full swing, with the SHIB burn rate catapulting by a whopping 6,016% in the last 24 hours.

Besides, the two-year-old memecurrency reached another milestone by flipping Polkadot (DOT) and Litecoin (LTC) by global market cap. Previously, the two altcoin OGs surpassed Shiba Inu before the memecoin reclaimed its crucial resistance line at $0.00001.

Shiba Inu Outstrips Polkadot Overnight

SHIB unlocked the achievement of surpassing two altcoin veterans overnight, as the popular memecoin is the top gainer of the day with a 17% increase in the last 24 hours. Shiba Inu has extended its global market cap to $7.26bn. Interestingly, this happened for the first time since early November, when SHIB caught a bullish trend in relation to Elon Musk’s Twitter crusade.

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The 14th-ranked Japanese guard dog-themed memecoin trades at $0.00001233, according to CoinGecko. Besides, SHIB fetched a 33.3% weekly profit, which also sparked a bull run for Shibarium’s gas fee token, Bone ShibaSwap (BONE).

As Shiba Inu’s developers confirmed $BONE to be the only cryptocurrency used for gas fees on the upcoming blockchain, Bone ShibaSwap caught a strong bullish wave and soared by 63.9% in the last 30 days. At press time, BONE trades at $1.50 with 8% daily gains, according to CoinGecko.

Following the news about Shibarium Beta soon going live, the Shiba Army found extra motivation to send a desired amount of the beloved canine tokens to dead wallets. The community-wide activity of burning SHIB contributes a lot towards maintaining SHIB’s market price.

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Hence, the SHIB community sent a whopping 52 million SHIB tokens to the bottomless pit. This was done in 15 transactions and resulted in a tremendous 6016% rise in SHIB burn rate, calculated daily by Shibburn.

On the Flipside

  • The embattled altcoin Solana (SOL) outpaced SHIB by total market capitalization.
  • Shiba Inu’s market cap is around $1.5bn less than Solana’s.

Why You Should Care

As Shiba Inu is transitioning to a self-sufficient ecosystem, the move can bring new retail investors, as well as arouse the interest of whales.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.