Trending memecoin, Shiba Inu has moved two steps up in the crypto market ranking, flipping Avalanche (AVAX), and Chainlink (LINK) to occupy the 12th position on the chart. This development comes amid a global market uptrend that has positioned the majority of the cryptocurrencies in the green. According to on-chain data, SHIB reached a monthly high of $0.00001957 over the last day. However, at the time of writing, the second-largest memecoin by market cap changed hands at $0.00001856 representing a 1.54% increase in the last 24 hours.
Besides the global market uptrend, other reasons are fuelling the trajectory of SHIB at this time. Notably, an increase in its token burn was observed in the last 24 hours. As per Shibburn data, a total of 52.3 million SHIB was destroyed, raising the burn rate by 436%. It is important to note that the ultimate goal of the Shib burns is to drastically reduce the amount of SHIB in circulation, creating scarcity which could potentially trigger an increase in value for the memecoin.
Moreover, other factors driving the price of SHIB include several upgrades involving the Shibarium blockchain. The total transactions on the Shibarium network have topped 437 million with 176.8k total accounts on the ecosystem.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.