Shiba Inu (SHIB) continues to capture the attention of the crypto world with its recent achievements. SHIB’s social media marketing lead, Lucie, recently announced another milestone for the altcoin. This time, global asset manager Grayscale highlighted SHIB’s impressive performance in its weekly report. According to Grayscale, SHIB outpaced not only Dogecoin (DOGE) and Cardano (ADA) but also the giants Bitcoin (BTC) and Ethereum (ETH) in weekly gains.
SHIB Tops Grayscale’s Report: Bitcoin Falls Behind
Grayscale’s “Top 10 Crypto Assets by Weekly Gains” report placed SHIB at the top. Lucie shared the report on social media, stating, “SHIB takes the lead,” and adding, “We haven’t even started yet.”
$SHIB
NOT EVEN THE BEGINNING 🚀
📸 Grayscale Crypto Snapshot – Assets weekly snapshot of the top 10 #crypto assets by 1-week returns.
#1: $SHIB leading the pack! 🔥 https://t.co/q4YWQhjbdt
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 28, 2024
In this report, SHIB surpassed major cryptocurrencies like Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Ethereum (ETH), Binance Coin (BNB), Bitcoin (BTC), Toncoin (TON), Tron (TRX), and XRP. SHIB recorded a 32.1% weekly gain, while ADA saw a 14.5% increase, and DOGE gained 12.4%. Ethereum followed with a 6.7% gain, and Bitcoin trailed behind with a 3.4% rise. The SHIB community expressed excitement and pride over this achievement.
SHIB Soars by 42%
One of the key factors behind Shiba Inu’s recent surge was the announcement regarding its Total Value Locked (TVL). After Shibarium’s strategic partner, K9 Finance, launched its Bonecrusher app on the Shibarium platform, offering liquidity staking solutions, Shiba Inu’s TVL hit a new peak of $3.64 million in just one week. This development triggered a significant boost in SHIB’s value.
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Since last Thursday, SHIB—one of the largest dog-themed cryptocurrencies—has surged by 42.51%, climbing from $0.00001501 to $0.00002139. However, after reaching this peak, SHIB experienced a 9% drop, now trading at $0.00001951. Lucie commented on this new high, emphasizing that SHIB’s success is not “just a one-week trend” and attributing the price increase to the broader Shiba Inu ecosystem and its continuous development, supported by a dedicated team of developers.
That’s not just your trend of the week. Behind Shib is a massive ecosystem in development, with consistent support from dedicated developers. https://t.co/7ZeSgrY9V3
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 27, 2024
Burn Rates Skyrocket
The price surge also coincided with a massive spike in SHIB burn rates. Last Thursday, the burn rate increased by a staggering 33,818%, with 1,884,288,401 SHIB tokens burned and removed from circulation. SHIB’s burn mechanism is designed to reduce supply, which could lead to price appreciation. This significant burn is considered one of the driving factors behind SHIB’s recent price increase.
Future Outlook for Shiba Inu
Shiba Inu’s recent successes have sparked excitement about its future potential. As Lucie pointed out, SHIB’s achievements are seen as just the beginning. The Shiba Inu ecosystem, including Shibarium and other projects, continues to expand and evolve, keeping the community optimistic about what’s to come.
For more updates and detailed news on Shiba Inu and other cryptocurrencies, you can visit The Bit Journal.
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