Shiba Inu Surges In Market Cap, Flips Avalanche And Eyes Cardano

According to U.Today, Bitcoin's recent rally past the $71,000 mark has influenced the broader cryptocurrency market, with many altcoins experiencing significant gains. Among these is Shiba Inu (SHIB), the second-largest canine-themed cryptocurrency. Over the past 24 hours, SHIB has seen an 11% increase in price and a 9.3% rise in market capitalization, now valued at $11.02 billion according to CoinMarketCap. SHIB is currently trading at $0.0000187 and has surpassed Avalanche (AVAX) in market capitalization, securing the 12th spot on CoinMarketCap's rankings, just behind Cardano's ADA in 11th place. The marketing lead for Shiba Inu, Lucie, expressed optimism on Twitter, suggesting that SHIB might soon overtake ADA as well. The Shibburn tracking platform has reported a significant increase in the burn rate of SHIB tokens. Over the last 24 hours, the burn rate has surged by 305.57%, with 51,841,966 SHIB tokens being transferred to unspendable blockchain wallets. This increase was achieved through three transactions, with two major transfers accounting for 38,126,361 SHIB and 12,248,273 SHIB respectively. The Shibburn website has not yet updated the burn rate growth figure. Over the past week, 95,421,295 SHIB tokens have been burned, resulting in a 129.99% increase in the weekly burn rate. In total, 410,731,362,605,568 SHIB tokens have been destroyed, which is approximately half of the initial quadrillion supply. Currently, 583,580,994,717,003 SHIB tokens remain in circulation. Lucie, the official marketing lead for SHIB, also made a statement regarding meme cryptocurrencies. She emphasized that meme coins should not be considered serious investments but rather as lottery tickets meant for entertainment. Lucie advised the crypto community to view any gains from meme coins as a pleasant surprise and not to be disappointed by losses. She concluded by stating that adopting this perspective is crucial for navigating the crypto market effectively.