Shiba Inu (SHIB) Flips Avalanche (AVAX) to Become the 12th-Largest Cryptocurrency

Shiba Inu's bullish momentum can be linked to a soaring burn rate, which recently increased by 6,750%.

Shiba Inu (SHIB) has elbowed its way into the top 12 largest cryptocurrencies by market capitalization, dethroning Avalanche (AVAX) from this position.

According to CoinGecko data, SHIB's market cap now stands at $11 billion, while that of Avalanche is at $10.7 billion.

This recent achievement by SHIB is largely attributed to its impressive burning rate, which has soared by 6,750% recently. As a result, SHIB tokens are being rapidly depleted due to the diminishing circulating supply.

The burning mechanism is designed to reduce the coin's supply by permanently removing it from circulation.

This approach is considered bullish as it leads to a long-term price increase, depending on demand.

Moreover, Shiba Inu's community has been a driving force behind the meme coin's growth. According to IntoTheBlock data, the average holding time for SHIB is 2.4 years, highlighting a strong holding culture.

Whales have also been contributing to this HODLing, with the Shiba Inu ecosystem recently seeing massive SHIB accumulation, amounting to approximately $1.2 trillion.

Crypto Unlocks Set to Hit New Highs

As Shiba Inu's burning rate explodes, crypto unlocks are also reaching new peaks, with cryptocurrencies valued at $1.4 billion set to be unlocked by November 3.

According to Tokenomist data, Celestia (TIA), Sui (SUI), and Optimism (OP) are leading the way with $1.06 billion, $123.25 million, and $53.91 million, respectively.

These unlock schedules are crucial to monitor as they can lead to price drops or increased volatility due to the increased supply.

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