As a seasoned crypto investor with a soft spot for meme coins and a penchant for dogs, I find myself closely watching the developments of Shiba Inu (SHIB) and Dogecoin (DOGE). My journey in the crypto world began with a small investment in DOGE, back when it was just a fun, tongue-in-cheek project. However, the community’s enthusiasm and the coin’s resilience have kept me hooked ever since.
Based on newly released statistics, Dogecoin – the pioneering meme-based cryptocurrency – still outranks other meme coins’ markets. What sets it apart is the vigorous engagement of its dedicated DOGE followers across numerous social media networks.
Currently, Shiba Inu (SHIB) is once more positioned as the runner-up to Dogecoin (DOGE). On a recent Friday, Lucie, the official Shiba Inu marketing lead, disclosed a chart. This graph indicates that SHIB has reclaimed the second spot in social activity within meme-based cryptocurrencies, with Dogecoin (DOGE) maintaining its top position without being surpassed.
SHIB burn rate down in red
According to recent updates from the Shibburn tracker, it appears that members of the Shiba Inu coin community have been moving their tokens into inactive digital wallets over the past day. Yet, this transfer activity hasn’t been substantial enough to maintain the daily burn rate within the positive range.
Currently, the burn rate indicates a decrease of 83.19%, and over the past 24 hours, approximately 4,800,831 SHIB meme coins were destroyed.
To date, Shibburn has identified seven transactions that shifted approximately 5 million SHIB into unreachable blockchain wallets. The latest of these transfers represent the largest quantities of SHIB removed from circulation to date: 1,474,062 and 1,023,604 units of Shiba Inu.
In my recent research, I’ve been delving into the latest developments with the SHIB team. Notably, they’ve implemented a hard fork on Shibarium. An integral part of this update involves the introduction of a novel burn mechanism. This mechanism facilitates the automatic conversion of a proportion of gas fees accrued on Shibarium from BONE tokens into SHIB. Subsequently, these converted SHIB tokens are then destroyed or ‘burned’.
SHIB team shares important statement
On a Friday post, Lucie disclosed details about the SHIB team’s criteria for selecting projects for collaboration or assistance, with the primary focus being on the amount of value these projects contribute to the Shibarium network, especially in terms of liquidity.
Moving forward, it’s essential to uphold respect for the Shiba Inu brand, either by destroying SHIB tokens or utilizing them in dApps to boost acceptance. Additionally, new initiatives should focus on positive promotion and sharing truthful information, while adhering to the canine code of conduct. Lucie emphasized that avoiding the creation of “junk coins” is vital. She noted that many within our community are disheartened by these “junk coins” that exploit us, suggesting that projects using such assets will not find a home on Shibarium.
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2024-08-24 14:55