Shiba Inu Flips LTC and DAI to Become 16th Biggest Cryptocurrency By Market Cap

Shiba Inu (SHIB) surpasses Litecoin (LTC) and Dai (DAI) in the global crypto rankings with a 13% increase in the last week.

Shiba Inu has secured 16th place in the global cryptocurrency ranking by market capitalization, surpassing Litecoin and Dai. The development comes as the Shiba Inu token recorded a notable performance last week, rising nearly 13%. This increase has led SHIB to regain market capitalization of 5,501,192,612 (5.50 billion).

Litecoin, which previously had 16^th place, has now been demoted to 17th place^th position, with a market capitalization of $5,415,946,928 ($5.41 billion). Meanwhile, Dai is at 18^th position, with a market capitalization of $5,346,273,959 ($5.34 billion).

The shakeup in the rankings follows major announcements from the Shiba Inu development team, revealing significant improvements to the Shiba Inu ecosystem. A key update involves the Shibarium testnet migrationcalled Puppynet, from the current Goerli network to the more functional Sepolia network on December 15.

- Advertisement -

In another groundbreaking update, the Shiba Inu team revealed that the Shibarium manual burning mechanism It will transform into an automated system in January. This update follows the inaugural burning at Shibariumwhere a whopping 8,241,856,589 (8.24 billion) SHIB tokens, valued at $75,412, were sent to the dead wallet in a single transaction.

Meanwhile, Shibarium reached a new milestone with over 40 million transactions processed. The platform saw a massive increase in activity last week. The latest data from Shibariumscan.io reveals that the network has processed around 29 million transactions since November 30, bringing the total transaction count to 40,256,716 (40.25 million).