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.
READ MORE: BNB Price Predictions: Can It Reach $350 Amidst Regulatory Scrutiny?
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
