Shiba Inu, a well-known meme cryptocurrency, has moved up from 19th to 16th by market capitalization, according to information from the CoinMarketCap website.
Main driver for SHIB in past 24 hours
Avalanche is now ranked 16th on that cryptocurrency analytics portal. SHIB’s market cap is at $4.63 billion, having increased from a low of $4.3 billion to $4.69 billion yesterday.
Elon Musk, the head of Twitter, unintentionally brought up Shiba Inu in a tweet on Tuesday when discussing logos for the X app, which Twitter is now rebranding as. Musk stated that the company has previously briefly changed the emblem to resemble a Shiba Inu puppy.
The SHIB community was ecstatic and instantly started to wonder if the tech millionaire was thinking about declaring SHIB the official cryptocurrency of the X platform. That remark was mostly responsible for raising Shiba Inu’s market cap and raising its price by 3.33%. SHIB is presently, however, trading at $0.00000780 on the Binance platform after declining by 1.94%.
Elon Musk most likely made reference to the incident in April of this year, when Twitter temporarily switched its bluebird logo to its DOGE mascot. Since the community also believed that the tech billionaire will incorporate DOGE payments on the site, this caused the price of Dogecoin to increase by 8%. However, the more traditional, older design was brought back to Twitter in less than a week.
Shiba Inu burns go up a little
Shiba Inu community members have eliminated a total of 27,319,578 SHIB meme coins from the market supply over the past 24 hours, according to statistics given by the Shibburn site, which monitors SHIB burn transactions on Etherscan.
In comparison to the burn figures from Tuesday, this has helped the burn rate rise by 156.41%. The greatest amount transmitted to a dead address was 8,540,364 SHIB, which was used in 20 transactions to dead-end wallets.
According to Shibburn, the SHIB community has so far succeeded in burning 410,652,071,765,820 meme currencies. There are now 579,228,613,256,229 SHIB in existence on the cryptocurrency market.
Burning is a technique used to make a particular coin more rare and deflationary by lowering its quantity in circulation. This approach is also being used by a number of other cryptocurrencies, such as meme coins like BabyDoge, BNB, Ethereum, and FLOKI, to reduce their supply.
