TL;DR
One of the leading meme coins by market capitalization – Shiba Inu – erased a zero from its valuation following a rally experienced earlier this week. The coin’s performance remained solid in the following days, with its price charting substantial gains today (February 28).
SHIB trading volume on a daily scale has also been on the rise, surpassing the $1.1 billion mark (per CoinGecko’s data). Thus, it flipped Cardano (ADA), whose figure currently stands at approximately $740 million.
Additional cryptocurrencies that have a higher market capitalization than Shiba Inu but recorded less trading volume in the last 24 hours, include Avalanche (AVAX), TRON (TRX), Polkadot (DOT), Polygon (MATIC), Uniswap (UNI), and more.
There are many other metrics related to the Shiba Inu ecosystem that have exploded in the past 24 hours. As CryptoPotato reported, the number of total blocks on the layer-2 blockchain solution Shibarium reached 1.4 million, while total transactions are just south of the 400 million milestone.
SHIB’s burn rate exploded by a whopping 1,900%, resulting in over 100 million tokens removed from circulation. Last but not least, Shiba Inu aggregated transaction volume (where each transaction exceeds $100,000) soared by 120%, whereas daily active addresses shot by over 160%.
Some cryptocurrencies associated with Shiba Inu’s ecosystem, including Bone ShibaSwap (BONE) and Treat Token (TREAT), have caught the green wave in the market, witnessing considerable surges.
BONE has jumped by 7% on a daily scale and approximately 25% in the last month. TREAT’s ascent has been much more impressive, skyrocketing by 150% in the past 24 hours.
On the other hand, Doge Killer (LEASH) – the second token in the Shiba Inu ecosystem – failed to follow the bullish trends, with its price trading at approximately the same levels observed as yesterday.
