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With a 13% increase in the last week, Shiba Inu (SHIB) has surpassed Litecoin (LTC) and Dai (DAI) in the global cryptocurrency rankings.
Litecoin and Dai have been surpassed by Shiba Inu to claim the 16th position in the global cryptocurrency rankings based on market valuation.
This development coincides with the Shiba Inu token’s impressive performance over the last week, which saw an almost 13% increase.
SHIB has recovered its market capitalization of $5,501,192,612 (5.50 billion) as a result of this increase.
Litecoin, which was ranked 16th earlier, is now ranked 17th with a market capitalization of $5,415,946,928 ($5.41 billion).
Dai, meanwhile, is ranked eighteenth with a $5,346,273,959 ($5.34 billion) market capitalization.
The Shiba Inu development team recently revealed big updates to the Shiba Inu ecosystem, which led to a huge ranking shift.
One significant update is the December 15 transfer of the Shibarium testnet, sometimes known as Puppynet, from the Goerli network to the more operational Sepolia network.
The Shiba Inu team also disclosed that the manual burn method for Shibarium will be replaced with an automated system in January, which is another game-changing update.
This upgrade comes after the first-ever Shibarium burn, in which a staggering 8,241,856,589 (8.24 billion) SHIB tokens—worth $75,412—were transferred in one transaction to the dead wallet.
In the meantime, Shibarium has completed over 40 million transactions, marking a new milestone.
The past week has seen a sharp increase in activity on the platform. According to the most recent data from Shibariumscan.io, since November 30, the network has handled about 29 million transactions, totaling 40,256,716 (40.25 million) transactions.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research before making any financial decisions.
