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Shiba Inu soars 21% in a week, becomes 18th largest cryptocurrency by market cap

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Shiba Inu (SHIB), the second largest memecoin, is now the 18th largest cryptocurrency based on market cap, climbing ahead of Litecoin and Dai with its massive 21% growth since last week. 

SHIB’s market cap currently sits at over $5.88 billion, with a $50 million lead over its nearest competitors in the market. The memecoin’s trading volume has also soared in the latest bull run, with a 132% increase in the past 24 hours. On Binance alone, the SHIB and USDT pair recorded a 26% increase in trading volume since yesterday. 

Source: CoinMarketCap

The token’s significant growth is heavily driven by its recent burn rate. Yesterday, around 8.2 trillion SHIB tokens were burned in a single transaction. However, Shiba Inu is not the only memecoin enjoying a significant rally. PepeCoin is up by 45% weekly, recording the sixth-highest weekly gain in the entire market. 

Leading memecoin DOGE also recorded a 25% weekly growth, reaching almost the same price as last year on its anniversary. 


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Mohammad Shahidullah

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