Shiba Inu's Wild Ride: From Burned Tokens to Meme Coin Dominance

Despite a recent decline in value, the meme cryptocurrency Shiba Inu has seen significant growth of 177% against the U.S. dollar over the past month, fueled in part by the burning of approximately 410 trillion tokens, which accounts for around 41% of its total circulation. Currently, Shiba Inu (SHIB) ranks as the second-largest meme coin by market capitalization, trailing behind Dogecoin (DOGE), with SHIB's market cap reaching $15.95 billion amidst a broader meme coin market valuation of $55.6 billion. Despite a 21% decrease in value over the past week, SHIB's recent performance has solidified its position as the 12th largest cryptocurrency by market capitalization. This growth underscores SHIB's resilience and prominence within the meme coin sector, even as it seeks to surpass its historical price peak with a 68.7% increase needed to reach its previous high.