SHIB Leaves AVAX Behind, Is ADA Next?

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As a seasoned crypto investor with a knack for spotting trends and a soft spot for meme coins, I must admit that the recent surge of Shiba Inu (SHIB) has caught my attention. The dog-themed cryptocurrency, which started as a joke, has been defying expectations by consistently making waves in the market.

With Bitcoin, the leading cryptocurrency, soaring past $71,000 and showing a strong rally, numerous alternative coins, including Shiba Inu (SHIB), the second largest dog-themed coin, are mirroring this trend in the market.

SHIB flips AVAX, ADA right ahead

Over the past day, its price surge exceeded 11%, and its market cap value skyrocketed by nearly 9.3%. Currently, as per CoinMarketCap, it’s valued at approximately $11.02 billion.

Currently, SHIB is being traded at approximately $0.0000187 and has surpassed Avalanche (AVAX) in terms of market capitalization. As a result, Shiba Inu now holds the 12th position on the specified website, with Cardano’s ADA sitting just ahead in the 11th place.

Lucie, the marketing head for the Shiba Inu, posted a tweet suggesting that it’s possible that SHIB might eventually surpass Cardano (ADA) as well.

SHIB flipped AVAX

WEN Ada??

β€” π‹π”π‚πˆπ„ (@LucieSHIB) October 29, 2024

SHIB burns soar as price jumps up

As an analyst, I’ve noticed a significant surge in the burning rate of the meme cryptocurrency, SHIB, within the community over the past 24 hours. The Shibburn tracking platform indicates a staggering 305.57% rise in burns. Moreover, approximately 51,841,966 SHIB coins have been moved to unspendable wallets on the blockchain since this morning.

The significant reduction in SHIB occurred due to three transactions. Two of these transactions moved a total of 38,126,361 SHIB and 12,248,273 SHIB into inactive wallets, while the update on the Shibburn website regarding the burn rate growth is still pending.

According to a recent tweet by Shibburn, over the last seven days, approximately 95 million SHIB tokens were removed from circulation due to community actions, resulting in a significant increase of 129.99% in the weekly burn rate. As stated on their website, a total of around 410 billion Shiba Inu meme coins have been incinerated so far, which represents nearly half of the initial quadrillion supply.

A total of 583,580,994,717,003 SHIB continues to circulate in the market.

SHIB exec’s meme coin statement

Today, the recognized marketing head of SHIB, who goes by the alias Lucie, has shared her insights on meme-based cryptocurrencies in a public statement.

Appears as if it’s a message to the crypto community emphasizing that meme coins are more about fun and entertainment, rather than being regarded as substantial investments. It’s suggested to view winning with them as an unexpected bonus and losing as something that shouldn’t lead to dismay or sadness.

β€œIf you get this perspective, you’re on the right track in crypto,” Lucie concluded her message.

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2024-10-29 16:46