As the cryptocurrency market goes green once again and Bitcoin (BTC) leads the market after surging back over $17,000, it is another digital asset that leads the market in terms of searches and popularity as the coin with the highest market capitalization.
Shiba Inu (SHIB) is the most popular cryptocurrency as of January 9; the dog meme token tops CoinMarketCap’s trending list, followed by Bitcoin and Polygon (MATIC).
With a total market capitalization of $4.88 billion, the token is ranked sixteenth by its overall market worth, as its price of $0.000008809 climbed by more than 5% on the day and an additional 8% over the previous week.
Since December 28, when it hit a low of $0.0000079, the price of SHIB has climbed significantly. Since December 30, the cryptocurrency has recorded nine out of 10 positive trading days.
Shiba Inu’s price briefly surpassed the $0.0000087 daily moving average (MA) 50 barrier, which has functioned as the cryptocurrency’s ceiling since November 10.
The meme token has also benefited from the fact that, according to the SHIB burn website, the Shiba Inu burn rate has grown by over 1,300% in the past day and a half as a result of millions of SHIB being sent to dead addresses. In the last twenty-four hours, over 37,400,646 SHIB tokens have been burnt, and a total of twelve transactions have occurred.
Notably, on January 7, creators of the Shiba Inu ecosystem announced that any transaction on the Shibarium network’s layer 2 blockchain will destroy the SHIB token. Following the first announcement on January 4 that Shiba Inu’s BONE token would power layer 2 network transactions, this news was released.
It is noteworthy that Finbold identified Shiba Inu as one of the top five meme currencies to watch in January 2023. The machine learning-based algorithms at PricePredictions have forecasted that by the end of January, SHIB would trade at $0.000008036.
Also Read: $28 billion flows into crypto in 24 hours as bulls boost prices
