SHIB’s Market Cap Soars, Coin Regains 16th Place, Here’s What’s Pushing It

Prominent meme cryptocurrency Shiba Inu has jumped back to 16th place from 19th by market capitalization, according to data provided by the CoinMarketCap website. Now, Avalanche has taken 16th place on that crypto analytics platform. SHIB’s market cap at the moment stands at $4.63 billion, while yesterday it increased from a low of $4.3 billion to $4.69 billion.

On Tuesday, Twitter CEO Elon Musk made an unexpected mention of Shiba Inu in his tweet, while talking about how the logos for their new product X app was changing. Musk noted that he and the team had briefly rebranded the logo to have a Shiba Inu dog. SHIB fans came alive with speculation as to whether this powered up tech mogul might just consider making SHIB the cryptocurrency of the X platform. That thought drove list determination and the price of SHIB increments to 3.33%. Currently SHIB has dropped 1.94% and selling at a trade of $0.00000780 through the Binance exchange.

When the logo of the site changed the DogeCase to a bluebird logo, gaming tweets pushed Dogecoin’s worth to 8%. Then anticipation arisen that Musk might launch DOGE on the product, but less than one week later the vintage logo was brought back by Twitter.

Data from a SHIB Burning website shows that all the SHIB meme coins have had a total of 27,319,578 wiped from its in-circulation supply over a 24- hour timespan. This convey the burn rate to an increase of 156.41% in comparison to the results from Tuesday. This concluded and asserted with one twentieth transaction in which 8,540,364 SHIB created the tangible large chunk to the dead address.

In a light year’s time, the SHIB community has achieved their goal of 410,652,071,765,820 burned meme coins to elevate its scarcity and diminish its currency supply. BNB, BabyDoge, FLOKI, and Ethereum have all used similar retention as SHIB to reduce the dispensed units into the market. On the contrary, the SHIB societal output still flows in totaling 579,228,613,256,229 coins.

Robert Wilson author
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