Shiba Inu, the popular cryptocurrency, gained notable attention as it surpassed LTC and DAI in the midst of a burn rate decline.
Shiba Inu, often touted as the Dogecoin rival, has stirred significant excitement in the broader cryptocurrency market with a notable price surge. The recent decrease in token burning activity within the last 24 hours has piqued the interest of crypto enthusiasts.
On another front, Shiba Inu has garnered attention from traders and investors by surpassing both Litecoin (LTC) and Dai (DAI) in the global cryptocurrency rankings based on market capitalization.
Shiba Inu Token Burning Activity Drops by 100%
Shibburn, a platform providing insights into SHIB burning, revealed a significant decline of 100% in token burning within the Shiba Inu crypto community over the past 24 hours. According to the data, 1.14 million SHIB was burnt during this period.
The reduction in burn rate coincides with Shiba Inu’s recent milestone, where it surpassed both LTC and DAI to become the 16th largest cryptocurrency by market capitalization. The Shiba community has consistently burned substantial amounts of tokens in recent months to influence the SHIB tokenomics.
Amid this development, the SHIB token experienced a notable price surge in the past 24 hours, generating speculation and heightened interest among crypto traders and investors.
Shiba Inu Token Sees Double-Digit Surge in Price
The Shiba Inu token has experienced a notable upswing of 10.38%, reaching $0.00000992 at the time of writing. Over the week, the token’s price recorded a significant surge of 18.76%, and over the month, it saw a thrust of 21.23%.
Simultaneously, as Shiba Inu surpassed LTC and DAI in market capitalization, the circulating supply of SHIB witnessed a 10.17% increase, reaching $5.83 billion.
The positive momentum in Shiba Inu’s price also had a ripple effect on other tokens within the SHIB ecosystem. Notably, the LEASH price saw a concurrent surge of 1.61%, reaching $326.84, while Bone ShibaSwap (BONE) experienced a marginal upswing of 4.25%, reaching $0.7576.
Adding to the enthusiasm, prominent crypto investor SHIB KNIGHT declared December as the month for dog coins. This sentiment arises from the rally observed in cryptocurrencies like DOGE and SHIB within the broader crypto market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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