Shiba Inu (SHIB) is now the 12th-largest cryptocurrency based on market value after elbowing Avalanche (AVAX) from this position.
With a market capitalization of $11 billion, SHIB recently flipped that of Avalanche at $10.7 billion, according to CoinGecko data.
Shiba Inu’s bullish momentum can be linked to a soaring burn rate, which recently increased by 6,750%. This means that SHIB tokens are becoming sparse by the day, thanks to diminishing circulating supply.
The burn rate mechanism is meant to make a coin deflationary since it slashes supply by permanently removing the token from circulation.
Therefore, depending on demand, the burn rate approach is deemed bullish because it leads to a long-term price increase.
Shiba Inu’s community has also played an instrumental role in the meme coin’s growth. IntoTheBlock data recently showed that the average holding time for SHIB was 2.4 years, illustrating a booming holding culture.
Whales have been fueling this HODLing fire, given that the Shiba Inu ecosystem recently witnessed overwhelming SHIB accumulation to the tune of $1.2 trillion.
Crypto Unlocks Go Through the Roof
Amid Shiba Inu’s exploding burn rate, crypto unlocks are also scaling the heights, given that cryptocurrencies worth a whopping $1.4 billion are expected to hit the market by November 3.
According to Tokenomist data, Celestia (TIA), Sui (SUI), and Optimism (OP) are leading the charge with $1.06 billion, $123.25 million, and $53.91 million, respectively.
Therefore, these unlock schedules should be monitored closely since they can trigger price drops or heightened volatility based on increased supply.
