Shiba Inu Leads Top Crypto Performers, Outpaces Bitcoin and Ethereum in Grayscale Report

• Shiba Inu recorded a 42% surge in Grayscale’s report, outpacing major assets like Bitcoin and Ethereum in weekly gains.
• SHIB’s total value locked (TVL) on Shibarium reached $3.64 million after K9 Finance launched a liquid staking app.
• SHIB’s burn rate spiked by 33,818%, removing nearly 1.88 billion tokens from circulation, contributing to the price surge.

Shiba Inu (SHIB) has secured its position as the top-performing cryptocurrency, according to the latest report from investment giant Grayscale. The meme coin outpaced major competitors, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), posting an impressive 42% weekly gain.

SHIB Outshines BTC, ETH, and DOGE in Weekly Gains

Grayscale’s “1 Week Returns for Top 10 Crypto Assets” report highlights SHIB’s remarkable 32.1% weekly profit, outperforming large-cap cryptocurrencies. According to the report, SHIB surpassed Cardano (ADA), which saw 14.5% gains, and Dogecoin (DOGE), which achieved 12.4%. Bitcoin and Ethereum showed far lower gains, with BTC at 3.4% and ETH at 6.7%. 

Lucie, the pseudonymous lead of Shiba Inu’s marketing team, shared the report on her X page, stating, “SHIB leading the pack.” She added that this is “NOT EVEN THE BEGINNING,” signaling optimism about the token’s future potential.

Shiba Inu Community Celebrates Growth Milestone

The Shiba Inu community has been abuzz with excitement following these developments. The 42% surge in SHIB’s price coincided with the announcement that the total value locked (TVL) on Shibarium reached a new all-time high. The TVL jumped to $3.64 million after K9 Finance, a key strategic partner, launched the Bonecrusher app on Shibarium. This app introduced a solution for liquid staking, significantly boosting SHIB’s appeal.

In a tweet, Lucie emphasized the importance of this milestone, commenting that SHIB’s success is rooted in a growing ecosystem. She noted that the price rise is a testament to the consistent support from developers and the SHIB community, rather than a temporary trend.

SHIB Price Spike and Burn Rate Surge

Besides this milestone, SHIB’s price spike was accompanied by a dramatic increase in its burn rate. On Thursday, the burn rate skyrocketed by 33,818%, with nearly 1.88 billion SHIB tokens removed from circulation in 24 hours. This significant reduction in supply played a crucial role in boosting the token’s value.

However, despite these gains, SHIB’s price has experienced some correction. After hitting $0.00002139 earlier today, the token saw a 9% dip, currently trading at $0.00001951.