thecryptobasic.com
Shiba Inu ($SHIB) has regained momentum, reaching a two-month high and surpassing Litecoin (LTC) in the global crypto ranking.
Shiba Inu has continued its rally, which began two weeks ago. The renewed rally pushed its price to a two-month high of $0.00001587 in the early hours of today.
At the moment, Shiba Inu is up 5.43% over the past 24 hours, 15.36% in the past week, and 39.47% over the past 30 days. Currently priced at $0.00001586, Shiba Inu boasts a valuation of $9.34 billion.
However, the milestone was short-lived as Litecoin pushed Shiba Inu down to the 19th position over the weekend. Notably, Shiba Inu has reclaimed the 18th place in the ranking, having rallied 5.43% over the past 24 hours.
In the meantime, the difference between the market caps of Shiba Inu and Litecoin is less than $200 million. While $SHIB is valued at $9.34 billion, Litecoin’s market cap stands at approximately $9.15 billion.
Shiba Inu Burn Rate Spikes 2,815% in 24 Hours
Notably, the development follows a significant spike in Shiba Inu’s burn rate. New data from Shibburn indicates that the burn rate has increased by 2,866% over the past 24 hours. This resulted in the incineration of 2,196,079 (2.19 million) $SHIB tokens over the past day, across 14 transactions.
The highest daily burn occurred yesterday at 11:29 a.m. (UTC), which saw an unknown address, 0x188…c3cdd, send 1 million $SHIB to the official burn wallet.
Besides the 1 million $SHIB burn, the sender was responsible for seven other burn-related transactions over the past day. Of the 2.19 million Shiba Inu tokens burned over the past day, this address incinerated 1,343,285 (1.34 million) $SHIB.
Although Shiba Inu’s daily burn rate has soared 2,815%, the metric still represents a 89.53% low compared to the past week.