SHIB has fallen behind TON in terms of market Capital .
According to the data, Toncoin currently boasts a market Capital of $5.026 billion, higher than SHIB's $4.988 billion. This development puts SHIB precariously close to exiting the top 20 cryptocurrencies, currently ranked just above BCH with a market Capital of $4.45 billion.
One factor that may have led to SHIB 's recent decline is the decreasing volume on Shibarium, its Layer 2 solution. Shibarium trading has hit an All-Time-Low, with just 8,766 transactions recorded on November 18, falling below 10,000 at the start of the month.
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This is in stark contrast to the peak recorded on September 11, when Shibarium trading exceeded 202,000 in a single day.
Despite the recent announcement that the Manny Pacquiao Foundation will use Shibarium for its operations, this has yet to lead to a resurgence in SHIB's market activity.
SHIB is making a lot of noise with the latest increase in Token burn rates, a deliberate move to reduce supply in hopes of positively impacting prices.
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However, in the past day, SHIB price did not have any significant fluctuations directly related to the increase in burn rate.
The concept of burning Token to increase their value is a strategy that has caused mixed opinions in the cryptocurrency community. This is especially controversial when the burn rate is not large enough to create a decline in circulating supply or is not accompanied by an equivalent increase in demand.
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