SHIB's Market Cap Soars, Coin Regains 16th Place, Here's What's Pushing It

Prominent meme cryptocurrency Shiba Inu has jumped backmost to 16th spot from 19th by marketplace capitalization, according to information provided by the CoinMarketCap website.

Main operator for SHIB successful past 24 hours

Now, Avalanche has taken 16th spot connected that crypto analytics platform. SHIB's marketplace headdress astatine the infinitesimal stands astatine $4.63 billion, portion yesterday it went up from a debased of $4.3 cardinal to $4.69 billion.

On Tuesday, Twitter brag Elon Musk made an unexpected mention of Shiba Inu successful his tweet, portion talking astir logos for the X app, which Twitter is being presently rebranded to. Musk mentioned that successful the past they concisely rebranded the logo into a Shiba Inu dog.

This delighted the SHIB community, which instantly began speculating astir whether the tech billionaire mightiness beryllium considering making SHIB the cryptocurrency of the X platform. It was that notation that chiefly pushed Shiba Inu's marketplace headdress upward and besides drove its terms up by 3.33%. By now, however, SHIB has descended by 1.94% and is changing hands astatine $0.00000780 connected the Binance exchange.

In his tweet, Elon Musk was astir apt referring to the lawsuit that happened successful April this year, erstwhile Twitter concisely changed the bluebird logo to the DOGE mascot. That pushed the Dogecoin terms up by 8% arsenic the assemblage besides thought that the tech tycoon was going to integrate DOGE payments connected the platform. However, successful little than a week, the older, classical logo was returned to Twitter.

Shiba Inu burns spell up a little

According to information provided by the Shibburn platform that tracks SHIB pain transactions connected Etherscan, implicit the span of the past 24 hours, the Shiba Inu assemblage has removed 27,319,578 SHIB meme coins successful full from the proviso that is circulating connected the market.

This has helped the pain complaint summation by 156.41% compared to the Tuesday pain results. It was achieved utilizing 20 transactions to dead-end wallets and with 8,540,364 SHIB being the largest chunk that was sent to a dormant address.

In total, by now, the SHIB assemblage has succeeded successful burning 410,652,071,765,820 meme coins, according to Shibburn. A full of 579,228,613,256,229 SHIB are inactive successful circulation connected the crypto market.

The extremity of burning is to trim the circulating proviso successful bid to marque a peculiar cryptocurrency much scarce and deflationary. Several different cryptos, including meme coins, specified arsenic BabyDoge, BNB, Ethereum and FLOKI, are utilizing this mechanics for letting their proviso shrink, too.