Shiba Inu Surpasses Litecoin in Global Crypto Rankings as Burn Rate Spikes 2,866%

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.