Shiba Inu edges Avalanche with explosive 16% gains, SHIB holders rejoice
- Shiba Inu flipped Avalanche to rank 12th in terms of market capitalization.
- SHIB price exploded and offered 16% gains to holders overnight, in response to massive burn and launch of Shiba Eternity.
- Shiba Inu price shoots to the upside, eyes bullish target of $0.000024.
Shiba Inu’s market capitalization exceeded Avalanche’s and is now ranked 12th in the crypto ecosystem market cap. As altcoin prices recoup their losses, Shiba Inu posted double-digit gains overnight.
Also read: Shiba Inu price ready to go ballistic: Shiba Eternity released in Vietnam
Shiba Inu v. Avalanche, meme coin beats layer-1 smart contract
Shiba Inu price exploded with massive 16% gains overnight. There are two key factors driving Shiba Inu’s price rally. Large scale burn of Shiba Inu tokens and the release of Shiba Eternity game. Shytoshi Kusama, the project lead for Shiba Inu, recently invited users to review the game.
The NFT card game was launched for players in Vietnam and YouTube was flooded with review videos and feedback for Shiba Eternity. The collectible card game is a launch in the series of launches in Shiba Inu’s expansion to the metaverse. The announcement of the game fueled a bullish sentiment among holders, pushing Shiba Inu price higher.
Shiba Inu’s price rally resulted in an increase in the meme coin’s market capitalization. Shiba Inu therefore left Avalanche to bite the dust and now ranks 12th in market capitalization, according to CoinGecko.
711 million Shiba Inu tokens burnt in a week
Shiba Inu is on a massive burning spree as 711 million SHIB tokens were destroyed within a week. Burn rate climbed up 824%, and 292 million SHIB tokens were burned, shifted to dead wallets in the last 24 hours.
An increase in Shiba Inu burn is driving the meme coin’s value higher. A reduction in Shiba Inu tokens in circulation is conducive to higher value for the remaining SHIB tokens.
Shiba Inu price to continue its extended rally?
Analysts have a bullish outlook on Shiba Inu and predict a continuation of the meme coin’s uptrend. Azeez Mustafa, a crypto analyst, argues that Shiba Inu price is rising against Bitcoin. SHIB price recently hit the upper boundary of a channel as it continued its climb towards resistance at 0.00000000080 (80 Satoshis).
Crossing this resistance could push SHIB closer to the next resistance at 0.00000000085 (85 Satoshis).
SHIB-BTC price chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
