DOGE Surpasses SHIB and Rest of Meme Coins in Key Metric: Details
Release: 2024/08/24 19:44 Reading: 876
Original Meme Coin Dogecoin Dominates, Shiba Inu Regains Second Place
Market Supremacy
According to recent data, Dogecoin continues to reign supreme in the meme coin market. The loyal DOGE community remains highly active on various social media platforms, surpassing other meme coins in this key metric.
Shiba Inu Rebounds
Shiba Inu (SHIB) has reclaimed the second-place position in social activity among meme cryptocurrencies. Lucie, the official Shiba Inu marketing lead, shared a diagram illustrating this regain on August 23, 2024.
Declining SHIB Burn Rate
Blockchain tracker Shibburn reports that the SHIB community has transferred Shiba Inu coins to dead-end digital wallets over the past 24 hours. However, this activity has not been sufficient to keep the daily burn rate in the positive zone. As of writing, the burn rate stands at -83.19%, with approximately 4.8 million SHIB destroyed.
Shibarium Burn Mechanism
Shibburn has identified seven transfers that moved nearly 5 million SHIB to unspendable blockchain addresses. The most significant transfers were 1,474,062 and 1,023,604 SHIB. The SHIB team recently integrated a new burn mechanism into Shibarium. This mechanism automatically converts gas fees from BONE tokens into SHIB to be burned.
SHIB Team's Project Evaluation Criteria
Lucie tweeted on August 23, 2024, outlining the SHIB team's criteria for evaluating projects seeking support or partnerships. Key factors include liquidity on the Shibarium chain, respect for the Shiba Inu brand, and the burning or use of SHIB tokens in decentralized applications (dApps).
Respecting the Community
Lucie emphasized that projects should avoid "trash coins" and promote themselves positively and accurately. She highlighted the frustration expressed by the community regarding such exploitative assets. Projects adopting these practices will not be welcome on Shibarium.
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