As the flagship cryptocurrency Bitcoin has staged an impressive rally and surpassed the $71,000 price level, many altcoins are following suit on the market. Among them is the second largest canine-themed coin, Shiba Inu (SHIB).
SHIB flips AVAX, ADA right ahead
During the last 24 hours, it has printed a more than 11% price increase and has seen its market capitalization value soar by 9.3%. Now, it stands at $11.02 billion, according to CoinMarketCap.
SHIB is now trading at $0.0000187 and has flipped Avalanche (AVAX) in terms of market capitalization. Now Shiba Inu occupies the 12th spot on the above-mentioned website. Right ahead of it, in 11th place, sits Cardano’s ADA.
The Shiba Inu’s marketing lead, Lucie, published a tweet in which she assumed that perhaps soon enough, SHIB would be able to leave ADA behind, too.
SHIB flipped AVAX
WEN Ada?? pic.twitter.com/TJLZ4RvnlF
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) October 29, 2024
SHIB burns soar as price jumps up
The popular Shibburn tracking platform has revealed that over the last 24 hours, the SHIB community has witnessed a massive increase in the burn rate of their favorite meme cryptocurrency. According to the website, SHIB burns have soared by 305.57%, while 51,841,966 SHIB have been transferred to unspendable blockchain wallets since yesterday morning.
The destruction of that major amount of SHIB was possible thanks to three transactions. Two of them transferred 38,126,361 SHIB and 12,248,273 SHIB to dead wallets. The burn rate growth figure has not been updated on the Shibburn website yet.
Per the latest tweet published by Shibburn, over the past week, 95,421,295 SHIB have been torched thanks to community efforts, and the weekly burn rate is up 129.99%. Overall, the website says, 410,731,362,605,568 Shiba Inu meme coins have been destroyed in total – that is roughly half of the initial quadrillion supply.
A total of 583,580,994,717,003 SHIB continues to circulate in the market.
SHIB exec’s meme coin statement
The official marketing lead of SHIB known, under the pseudonym Lucie, has published a statement about meme cryptocurrencies today.
It seems like a reminder to the crypto community that meme coins “aren’t meant to be serious investments” and should rather be treated as lottery tickets and are bet on for entertainment purposes. She believes that winning on them should be taken as a surprise, and losing on them must not cause disappointment.
“If you get this perspective, you’re on the right track in crypto,” Lucie concluded her message.