Shiba Inu has shown strength as it overtook Polygon (MATIC) to become the 12th most valuable cryptocurrency in the world. According to Coingecko, the second largest memecoin’s value rose over 29% in the past seven days. This development led SHIB to flip MATIC on the price-tracking website.
In the past week, the SHIB token experienced a surge of over 29% in value as its market cap went over $7.6 billion, putting it a few million ahead of Polygon (MATIC), which has a market cap of over $7.3 billion.
In addition, more than a billion separate SHIB from Polkadot (DOT) in 11th place as it slowly eyes the 10th spot currently occupied by its rival, Dogecoin (DOGE), with a gap of $2 billion.
Latest Development for Shiba Inu
Shibburn.com reported that members of the Shib Army sent 573,944,829 (573.94M) tokens to dead wallets through 31 separate transactions two days ago. However, an unknown user was responsible for burning 519.45 Million in one significant transaction.
So far, the 12th-ranked token is trading at $0.000012 with a 24-hour trading volume of $1,097,380,570, while gaining 6.7% and 29.3% in the past 24 hours and seven days, respectively.