SHIB's Market Cap Soars, Coin Regains 16th Place, Here's What's Pushing It

Prominent meme cryptocurrency Shiba Inu has jumped back to 16th place from 19th by market capitalization, according to data provided by the CoinMarketCap website.

Main driver for SHIB in past 24 hours

Now, Avalanche has taken 16th place on that crypto analytics platform. SHIB's market cap at the moment stands at $4.63 billion, while yesterday it went up from a low of $4.3 billion to $4.69 billion.

On Tuesday, Twitter boss Elon Musk made an unexpected mention of Shiba Inu in his tweet, while talking about logos for the X app, which Twitter is being currently rebranded to. Musk mentioned that in the past they briefly rebranded the logo into a Shiba Inu dog.

This delighted the SHIB community, which immediately began speculating about whether the tech billionaire might be considering making SHIB the cryptocurrency of the X platform. It was that mention that mainly pushed Shiba Inu's market cap upward and also drove its price up by 3.33%. By now, however, SHIB has descended by 1.94% and is changing hands at $0.00000780 on the Binance exchange.

In his tweet, Elon Musk was most likely referring to the case that happened in April this year, when Twitter briefly changed the bluebird logo to the DOGE mascot. That pushed the Dogecoin price up by 8% as the community also thought that the tech tycoon was going to integrate DOGE payments on the platform. However, in less than a week, the older, classical logo was returned to Twitter.

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Shiba Inu burns go up a little

According to data provided by the Shibburn platform that tracks SHIB burn transactions on Etherscan, over the span of the last 24 hours, the Shiba Inu community has removed 27,319,578 SHIB meme coins in total from the supply that is circulating on the market.

This has helped the burn rate increase by 156.41% compared to the Tuesday burn results. It was achieved using 20 transactions to dead-end wallets and with 8,540,364 SHIB being the largest chunk that was sent to a dead address.

In total, by now, the SHIB community has succeeded in burning 410,652,071,765,820 meme coins, according to Shibburn. A total of 579,228,613,256,229 SHIB are still in circulation on the crypto market.

The goal of burning is to reduce the circulating supply in order to make a particular cryptocurrency more scarce and deflationary. Several other cryptos, including meme coins, such as BabyDoge, BNB, Ethereum and FLOKI, are using this mechanism for letting their supply shrink, too.