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Shiba Inu (SHIB) Overtakes Litecoin (LTC) and Dai (DAI) in Global Crypto Rankings with a 13% Surge in the Past Week.
Shiba Inu has secured the 16th spot in the global cryptocurrency rankings by market capitalization, outperforming Litecoin and Dai. The development comes as Shiba Inu token posted a remarkable performance in the past week, surging nearly 13%. This surge has led SHIB to reclaim the market capitalization of 5,501,192,612 (5.50 billion).
Litecoin, previously holding the 16th spot, has now been bumped down to the 17th position, with a market cap of $5,415,946,928 ($5.41 billion). Meanwhile, Dai finds itself in the 18th position, boasting a market cap of $5,346,273,959 ($5.34 billion).
The shake-up in rankings follows major announcements from the Shiba Inu development team, revealing significant upgrades to the Shiba Inu ecosystem. One key upgrade involves the migration of the Shibarium testnet, dubbed Puppynet, from the current Goerli network to the more functional Sepolia network on December 15.
In another game-changing upgrade, the Shiba Inu team revealed that the Shibarium’s manual burn mechanism will transform into an automated system in January. This update follows the inaugural burn on Shibarium, where a whopping 8,241,856,589 (8.24 billion) SHIB tokens, valued at $75,412, were sent to the dead wallet in a single transaction.
Meanwhile, Shibarium has reached a new milestone with over 40 million transactions processed. The platform saw a massive surge in activity in the past week. The latest data from Shibariumscan.io reveals that the network has processed around 29 million transactions since November 30, bringing the total transaction count to 40,256,716 (40.25 million).