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. 

SHIB’s market cap currently sits at over $5.88 billion, with a $50 million lead over its nearest competitors in the market. The memecoin’s trading volume has also soared in the latest bull run, with a 132% increase in the past 24 hours. On Binance alone, the SHIB and USDT pair recorded a 26% increase in trading volume since yesterday. 

The token’s significant growth is heavily driven by its recent burn rate. Yesterday, around 8.2 trillion SHIB tokens were burned in a single transaction. However, Shiba Inu is not the only memecoin enjoying a significant rally. PepeCoin is up by 45% weekly, recording the sixth-highest weekly gain in the entire market. 

Leading memecoin DOGE also recorded a 25% weekly growth, reaching almost the same price as last year on its anniversary.