Shiba Inu soars 21% in a week, becomes 18th largest cryptocurrency by market cap

Shiba Inu (SHIB), the second largest memecoin, is now the 18th largest cryptocurrency based on market cap, climbing ahead of Litecoin and Dai with its massive 21% growth since last week.

Timeline of Shiba-inu

Shiba Inu faces an increased volatility and network activity spree as SHIB hits a significant price point of $0.00001, a critical threshold that has been tested three times within the year. Coinciding with this milestone, a colossal transfer of 355 billion SHIB has been spotted, causing speculation about the nature of those transfers.

After more than a year, the cryptocurrency market appears to have finally shaken off the bearish trends of the “crypto winter.” In the second half of October, multiple cryptos started a decisive rally that has seen many reach heights not seen in a long time.

Amidst a market correction where Ethereum and Bitcoin have recently witnessed a rebound after a decline of less than 5% in value over the past 24 hours, Shiba Inu has notably bucked the trend with a 12% increase in price over the last two days.

Shiba Inu (SHIB) has outdone itself again concerning its burn rate metrics as it has jumped by 7,686,774.46%, sending over 8,349,329,301 SHIB to dead wallets. This burn rate figure is an unprecedented boost that shows a changing paradigm in the protocol's deflationary metrics and on-chain outlook.

In a surprising turn of events, the Shiba Inu-based Ethereum Layer-2 scaling solution, Shibarium, has witnessed an extraordinary surge in transaction activity, leaving the SHIB community in suspense over the authenticity of the numbers.

Shiba Inu (CRYPTO: SHIB) price in the past 24-hour trading has seen a surge of 4% amidst a significant surge in daily transaction volume. What Happened: Data from Shibarium Scan reflects Shibarium reported its daily transaction of 7.84 million as of Dec. 3, 2023, compared to 5.11 million as of Dec. 1, 2023, and 748,230 as of Nov. 30, 2023.

The entire crypto market has seen a steady increase in open interest (OI) over the last few months. But the Shiba Inu open interest seems to not have followed this trend as much as others.

The crypto ecosystem is on a major rally today after Bitcoin (BTC) retested its highest price level for 2023. With Bitcoin trading at $41,675, many altcoin protocols have also seen a massive resurgence in their prices and activity.

A new scam campaign that is gaining traction right now might be way more dangerous than trivial "double-your-deposit" airdrops and fake reward distributions from Elon Musk. Malefactors are exploring "fear of missing out," offering victims to check how much they would have earned if they were "diamond hands.

Shibarium is on a major parabolic run in terms of its total transactions after recording a never-before-seen spike in its daily transactions. Data from Shibariumscan shows that total daily transactions as of Dec. 1 jumped to 5.11 million.