What’s Behind the Meme Coin’s Market Cap Surge?

• Shiba Inu surpasses Avalanche in market cap, reaching $12.71B vs. $12.60B.
• Shiba Inu’s burn rate surges 2,814%, with 7.9 million tokens burned.
• Avalanche’s price drops 11%, despite ecosystem growth and partnerships.

Shiba Inu (SHIB) has overtaken Avalanche (AVAX) in market capitalization, marking a significant shift in the cryptocurrency rankings.

As of the latest data from CoinMarketCap, Shiba Inu’s market capitalization is $12.71 billion, slightly ahead of Avalanche’s $12.60 billion. This change has propelled Shiba Inu to the 11th spot in the market cap rankings, pushing Avalanche to 12th.

At press time, Shiba Inu was trading at $0.000022, with a 24-hour trading volume of $786,592,387. The token is down 2.33% in the last 24 hours. In contrast, Avalanche is priced at $32.05 with a 24-hour trading volume of $398,230,035, showing a slight decrease of 0.07% in the same period.

AVAX vs. SHIB 1-day price chart (Source: CoinMarketCap)

Despite a recent series of declines, Shiba Inu has seen a notable increase in its burn rate. Over the past week, its price has fallen by 6.8%, affecting its monthly returns. However, the Shiba Inu community has demonstrated strong support by increasing the token’s burn rate by 2,814%.

Avalanche has been expanding its ecosystem with significant partnerships. VOTTUN recently integrated with Avalanche to support developers building on the platform, and Salvor initiated the Rush Preseason claim, which is expected to boost the demand and utility of AVAX.

Despite these positive developments, the price of Avalanche has dipped by 11% over the past week. After initially breaking above $36, it has fallen to $32, reflecting bearish momentum. To regain its value, Avalanche requires renewed interest from investors.