In an unprecedented move, one of the most popular meme tokens, Shiba Inu (SHIB), has outranked two significant cryptocurrencies to claim the twelfth position among coins with the largest market cap.
According to data from the market tracking website, CoinMarketCap, SHIB surpassed Polkadot (DOT) and Litecoin (LTC) in market valuation after maintaining a cumulative seven-day growth of 21.80%. SHIB’s market share now stands over $8 billion, up from about $6 billion in the last seven days.
At the start of the year, Shiba Inu had a market cap of about $4 billion, ranking at position 15. But its market share has almost doubled within the last five weeks as more crypto enthusiasts and prominent investors jump on the SHIB train.
The Shiba Inu community eagerly anticipates that the meme coin will break into the top ten list to rank alongside Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB). According to WhaleStat, a tracker of the most wealthy crypto investors, the top 2,000 whales on the Ethereum network hold over $700 million worth of SHIB tokens on average.
🐳 The top 2000 #ETH whales are hodling
Whale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/Nbx25oMD3L
— WhaleStats (tracking crypto whales) (@WhaleStats) February 5, 2023
Another factor that could have pushed the price of SHIB is its continuous token burn mechanism. The burn tracking website, ShibBurn, shows that almost half the original supply of Shiba Inu has been wiped out of circulation.
Currently, the total exterminated SHIB stands at over 410 trillion tokens, worth nearly $6 billion, going by the current rate of $0.00001457 per token. Nonetheless, Shiba Inu’s circulating supply still exceeds 572 trillion units.