Shiba Inu’s Market Cap Soars Above Binance USD
The market capitalization of Shiba Inu has surpassed that of Binance USD stablecoin amid a positive trend for the popular meme coin.
The market cap of Shiba Inu rose to $6.96 billion less than 12 hours ago, before retracting to its current value of $6.85 billion.
Meanwhile, BUSD’s market value fell to $6.68 billion in the same period. Shiba Inu’s market cap surge coincides with its outperformance of the general market over the past 24 hours, during which leading assets experienced declines.
Shiba Inu‘s impressive performance is attributable to recent community milestones, including the launch of its layer-2 network Shibarium as Puppynet.
The network’s transaction volume has exceeded 3.2 million, and the number of wallets connected to Puppynet has risen from 4.05 million to 6 million.
This high activity rate on Shibarium has led to an increased SHIB burn rate, with approximately 1.9 billion SHIB tokens burnt over the last seven days, according to Shibburn.
Burning tokens, which takes them out of circulation, can boost the token’s price, similar to stock buybacks.
Additionally, the number of long-term holders of Shiba Inu has hit a record high of 835,780.
In contrast, BUSD has experienced a decline in supply since its issuer, Paxos, announced that it would cease minting new tokens, causing the stablecoin supply to drop by roughly $10 billion.
As a result, BUSD has been delisted by Coinbase, and Binance has revoked its special privileges, including zero-trading fees.