The Shiba Inu (SHIB) cryptocurrency continues to attract attention in the crypto world with its recent successes. Lucie, the social media marketing leader of the SHIB team, announced that Shiba Inu has reached another important milestone. This time, SHIB’s great achievements were included in the weekly report of fund management giant Grayscale. According to Grayscale’s report, SHIB has surpassed not only Dogecoin (DOGE) and Cardano (ADA) in terms of weekly gains, but even giants such as Bitcoin (BTC) and Ethereum (ETH).
SHIB at the top of Grayscale’s report: Bitcoin left behind
According to the report titled “Weekly Returns of the Top 10 Crypto Assets” shared by Grayscale, SHIB has taken the top spot in weekly gains. SHIB’s leadership is clearly seen in this report shared by Lucie on the social media platform X (formerly Twitter). Lucie used the phrase “SHIB has taken the lead” while sharing the report and said, “We haven’t even started yet.”
In this weekly earnings report, SHIB managed to outperform major cryptocurrencies such as Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Ethereum (ETH), Binance Coin (BNB), Bitcoin (BTC), Toncoin (TON), Tron (TRX), and XRP. SHIB’s weekly gain was recorded as 32.1%, while ADA gained 14.5% and DOGE gained 12.4%. Ethereum gained 6.7%, while Bitcoin increased by 3.4%. The SHIB community made excited and proud comments about this achievement.
SHIB soared by 42%
One of the most important factors behind Shiba Inu’s huge rise was the announcements regarding Shiba Inu’s total locked value (TVL). After Shibarium’s strategic partner K9 Finance launched the Bonecrusher app on Shibarium and provided a liquidity staking solution, Shiba Inu’s TVL reached a new high of $3.64 million in just one week. This development triggered a significant increase in the value of SHIB.
Since last Thursday, the value of Shiba Inu, the second-largest dog-themed cryptocurrency, has increased by 42.51%. SHIB price jumped 42% from $0.00001501 to $0.00002139. However, after this peak, SHIB has dropped by nearly 9% and is currently trading at $0.00001951. Lucie shared about the new high that SHIB has reached, stating that it is “not just a one-week trend.” She emphasized that the price increase is due to the vast ecosystem behind Shiba Inu and the continuous development process. She also noted that this ecosystem is constantly supported by loyal developers.
Burn rates explode
This increase in the price of Shiba Inu also coincided with a massive increase in burn rates. Last Thursday, the SHIB burn rate increased by a full 33.818%. A total of 1,884,288,401 SHIB tokens were burned and removed from circulation. SHIB’s burn mechanism is known as a strategy that aims to increase the price by reducing the supply. This massive burn is shown as one of the main factors behind this increase in the SHIB price.
These great achievements of Shiba Inu in recent times are creating great excitement in the community about its future potential. As Lucie points out, SHIB’s successes are just the beginning. The Shiba Inu ecosystem continues to evolve and expand with Shibarium and other projects.
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