Shiba Inu Overtakes Litecoin In Mcap, Collab With Paramount Pictures Ahead?

The meteoric rise of Shiba Inu has taken the cryptocurrency world by storm, and many investors are closely watching its progress. At the time of writing, Shiba Inu (SHIB) has a market cap of over $6 billion, whereas Litecoin (LTC) has a market cap of around $5.90 billion. This marks a significant achievement for SHIB, which has only been in existence since August 2020. In contrast, Litecoin has been around since 2017 and has a more established reputation in the crypto space.

Source: coinmarketcap

Shib Army continues token burn

The cryptocurrency’s low price and high circulating supply have made it accessible to a broader range of investors, leading to increased demand and liquidity. The SHIB burn rate has hiked by 1322.79%. Within the last 24 hours, there were three transactions and a collective burn of 452,950,434 SHIB tokens. The largest transaction was 451,061,150 SHIB tokens. Another factor contributing to SHIB’s success is its decentralized exchange (DEX), ShibaSwap. ShibaSwap has seen significant growth in its trading volume and liquidity since its launch, attracting more investors to SHIB and driving up its value.

Also read: Credit Suisse Shares Drop 24%; Bitcoin Price To Take A Hit?

Is Shiba Inu partnering with Paramount Pictures?

There have been rumors circulating about a potential collaboration between Shiba Inu (SHIB), and Paramount Pictures, sparking excitement and speculation among SHIB investors and crypto enthusiasts. The rumors began circulating after a tweet by Shiba Inu’s official Twitter account, which featured a poster of the upcoming movie “Mission: Impossible 7,” starring Tom Cruise. The poster featured the iconic SHIB logo prominently displayed on the film’s title. The tweet also included a message stating that “Shiba has gone Hollywood.”

The tweet quickly went viral, with many SHIB holders and crypto enthusiasts speculating about a potential collaboration between the meme crypto and Paramount Pictures. If speculations are to believe then SHIB may be used as a form of payment for movie tickets or merchandise. However, it is important to note, the tweet by the SHIB team does not confirm any collaboration or partnership with Paramount Pictures.

Also read: Top 3 DeFi Tokens That May Skyrocket In March

Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.