Shiba Inu Surpasses Avalanche in Market Cap as Burn Rate Skyrockets 2,814%

  • Shiba Inu supplants Avalanche, indicating a shift in the crypto market’s rankings.
  • The Shiba Inu burn rate skyrockets, contrasting with Avalanche’s recent price drop.
  • “Shiba Inu races ahead with a market cap of $12.71B, surpassing Avalanche’s $12.60B,” reports CoinMarketCap.

Shiba Inu (SHIB) gains momentum in the crypto market, surpassing Avalanche (AVAX) in market capitalization and demonstrating a notable increase in its burn rate.

Shiba Inu Overtakes Avalanche in Market Cap

In a significant development, Shiba Inu has surpassed Avalanche in terms of market capitalization. As per CoinMarketCap, Shiba Inu now boasts a market cap of $12.71 billion compared to Avalanche’s $12.60 billion, placing Shiba Inu in the 11th spot among cryptocurrencies by market cap, just ahead of Avalanche.

Shiba Inu’s Surprising Burn Rate Surge

Despite facing a decline of 6.8% over the past week, Shiba Inu’s community has demonstrated resilience, significantly increasing the token’s burn rate by an impressive 2,814%. This surge in burn rate indicates strong community support and could potentially affect the token’s future supply and demand dynamics.

Avalanche’s Ecosystem Growth Amid Price Drop

While Avalanche has seen a noteworthy expansion in its ecosystem through key partnerships, its market performance has lagged. Recently, VOTTUN integrated with Avalanche to support developers, and Salvor initiated the Rush Preseason claim, both expected to boost AVAX’s demand and utility. However, despite these positive ecosystem developments, Avalanche’s price has fallen by 11% over the past week, reflecting bearish market sentiment.

Trading Volume and Market Sentiment

At the time of reporting, Shiba Inu was trading at $0.000022 with a 24-hour trading volume of $786,592,387, registering a 2.33% drop in the last 24 hours. Meanwhile, Avalanche stood at $32.05 with a 24-hour trading volume of $398,230,035, a marginal decrease of 0.07%. The contrasting trading volumes reflect differing investor sentiments and market dynamics between the two cryptocurrencies.

Conclusion

To summarize, Shiba Inu’s advancement over Avalanche in market capitalization signals a notable shift in the cryptocurrency landscape. While Shiba Inu’s substantial increase in burn rate showcases strong community backing, the recent price drops of both cryptocurrencies underscore the volatility of the market. Avalanche’s ongoing ecosystem expansion may eventually rejuvenate investor interest, but current market conditions favor Shiba Inu’s upward move in the rankings.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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