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, fund management giant Grayscale’s weekly report included SHIB’s major achievements. According to Grayscale’s report, SHIB has surpassed not only Dogecoin (DOGE) and Cardano (ADA) in terms of weekly gains, but also major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
SHIB Tops Grayscale Report
According to Grayscale’s report titled “Weekly Returns of the Top 10 Crypto Assets,” SHIB has taken the lead in weekly gains. In the report shared on social media platform X (formerly Twitter), Lucie emphasized SHIB’s leadership, saying, “SHIB has taken the lead,” and added, “We haven’t even started yet.” In this 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 increased by 6.7% and Bitcoin by 3.4%. The SHIB community was very excited about this success.
42% Rise in SHIB
Behind this huge rise in Shiba Inu, there are important explanations regarding the total locked value (TVL). As a result of Shibarium’s strategic partner K9 Finance launching the Bonecrusher app and providing a liquidity staking solution, Shiba Inu’s TVL reached a new peak of $3.64 million in just one week. This development caused a significant increase in the value of SHIB. Since last Thursday, Shiba Inu’s value has increased by 42.51% from $0.00001501 to $0.00002139. However, after this peak, SHIB experienced a 9% decrease and is currently trading at $0.00001951. Lucie stated that SHIB is “not just a one-week trend” regarding this new peak. He emphasized that the price increase was due to Shiba Inu’s vast ecosystem and continuous development.
This increase in the price of Shiba Inu is paralleled by a large increase in burn rates. Last Thursday, the SHIB burn rate increased by 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 large burn transaction stands out as one of the main reasons for the increase in the SHIB price.
The recent successes of Shiba Inu are creating great excitement in the community for the future. As Lucie mentioned, SHIB’s successes are just the beginning. The Shiba Inu ecosystem continues to grow and expand with Shibarium and other projects.
