Shiba Inu Coin Surges, Overtakes BUSD in Market Cap

Key Points:

• Shiba Inu coin has risen almost 6% in the past five days. 
• It has muscled BUSD out of the No. 13 spot in the rankings. 
• 1.9 billion SHIB tokens have been burned from supply in the past seven days.

Shiba Inu coin has climbed nearly 7% in the past five days. The price has been on a tear, catapulting SHIB’s market cap to $6.8 billion at the last check. 

All of the top 20 cryptocurrencies are currently trading in the green in celebration of the bitcoin price touching $31,000 once again over the weekend. The BTC price has retreated somewhat as the bulls take a breather. 

Shiba Inu was thrust into the spotlight in 2021 after the project gifted Ethereum founder Vitalik Buterin with billions of dollars worth of SHIB tokens, which he burned and donated to charity. 

SHIB Snags No. 13 Spot in Rankings

Shiba Inu, a spinoff of larger meme-coin peer Dogecoin, has leapfrogged Binance USD (BUSD), a US dollar-backed stablecoin, in market cap to snag the No. 13 spot in the rankings on CoinMarketCap. BUSD is the third-biggest stablecoin in the crypto market, with Tether and USD Coin taking the No. 3 and No. 5 spots, respectively. 

SHIB’s trading volume pales in comparison to BUSD, hovering at $333 million in the past 24 hours compared with BUSD’s $2.5 billion. The next coin for SHIB to take out would be Litecoin, with a market cap of $7.2 billion. 

Shiba Burn

According to the Shibburn Twitter account, which tracks burns of the SHIB supply, there has been a lot of activity going on around this meme coin. In the last seven days, 1.9 billion SHIB tokens have been burned across 50 transactions. 

These coin burns may have helped to buoy the Shiba Inu price somewhat, as it was hovering at the $0.00001094 level about a week ago and is now trading at $0.00001153. 

A token burn lowers the number of coins in circulation on the blockchain forever, which could have a positive effect on demand for the scarcer asset. 

Twitter & Crypto 

With Elon Musk at the helm, Twitter is becoming more crypto-friendly. Most recently, the social media platform has reportedly partnered with eToro to support cryptocurrency transactions on Musk’s quest to create a financial super app.

Musk is a fan of another meme coin, Dogecoin, the cryptocurrency that inspired Shiba Inu. During the cryptos that Twitter might support have yet to be revealed, any inclusion of meme coins could benefit the Shiba Inu price.