Shiba Inu 4,000% Increase In Burn Rate Triggers Bull Rally, Can Dogecoin Compete?
Release: 2024/05/21 00:00 Reading: 247
The post Shiba Inu 4,000% Increase In Burn Rate Triggers Bull Rally, Can Dogecoin Compete? appeared first on Coinpedia Fintech News
Popular doggy-themed meme coin Shiba Inu (SHIB) has experienced another substantial surge in its burn rate, soaring by 4,000%. This new milestone has fueled optimism about a potential bull rally, raising questions about whether Shiba Inu (SHIB) can now rival Dogecoin (DOGE).
Amidst this development, another crypto project has been recording multiple milestones recently. ETFSwap (ETFS), a decentralized exchange, has witnessed a massive surge in token adoption, with millions of tokens sold ahead of the approaching bull market.
Shiba Inu (SHIB) Burn Rate Barrels Ahead Of Dogecoin (DOGE)
Shiba Inu’s burn rate skyrocketed by approximately 4,111% on May 6, marking a significant drop in the number of tokens in circulation. Data from Shibburn revealed that more than 82.1 million Shiba Inu (SHIB) were removed from circulation, pushing the cryptocurrency’s market capitalization to $14.3 billion presently.
This substantial burn rate comes after many others, as Shiba Inu (SHIB) has seen millions of tokens burned in a single day. The cryptocurrency’s burn process works by sending significant amounts of tokens to a dead wallet to effectively reduce Shiba Inu’s supply. The purpose of burning Shiba Inu (SHIB) tokens is to create scarcity and potentially increase its value.
With Shiba Inu’s burn rate surging by 4,111%, this development could trigger a bullish rally, propelling the cryptocurrency’s current price of $0.000024, according to CoinMarketCap, to new highs. Additionally, this surge could potentially rival Dogecoin (DOGE), the largest meme coin by market capitalization.
Over the past 24 hours, Dogecoin’s price of $0.14 is down by 4.38% while Shiba Inu (SHIB) has also dropped by 2.10%. This significant decline underscores the volatility of meme coins and their susceptibility to market conditions.
Despite achieving its new burn rate milestone, Shiba Inu (SHIB) is still trading below its all-time high of $0.000086 in 2021. This bearish sentiment is not shared by other crypto projects like ETFSwap (ETFS), which has been gaining momentum despite prevailing market trends.
ETFSwap (ETFS) Scores Major Milestone With Ongoing Presale Success
While Shiba Inu’s burn rate soars amidst price declines, ETFSwap (ETFS), a decentralized exchange, has been recording significant milestones in its developmental process and ongoing public presale.
As a blockchain-based cryptocurrency and Exchange-Traded Fund (ETF) trading platform, ETFSwap (ETFS) uses tokenization to enable the buying and trading of institutionally listed ETFs. Users from all over the world can utilize this innovative platform to swap cryptocurrencies like Shiba Inu (SHIB) for institutional ETFs such as leveraged ETFs, fixed-income ETFs, cryptocurrency spot and futures ETFs, and commodity ETFs.
The platform has applied for multiple licenses to operate in several jurisdictions, opening access to the tokenized ETF market for cryptocurrency and non-crypto investors globally. Additionally, ETFSwap (ETFS) has leveraged blockchain technology to boost its platform’s performance, including facilitating the trading experience, streamlining transactions, boosting user security, and enhancing transparency.
Trading ETFs on ETFSwap (ETFS) also comes with a few other perks, including up to 10x leverage on all trades, an 87% APR yield when you invest and stake its native token, ETFS, and low-cost trading sessions. Furthermore, this platform offers perpetual futures and options trading, allowing users up to 50x leverage across all listed ETFs when they trade in long and short options directly on ETFSwap.
In terms of security and privacy, ETFSwap (ETFS) has eliminated the need for KYC verification, improving its privacy features so users can trade anonymously and comfortably without the interference of third-party entities like regulators and other financial institutions.
Moreover, no vulnerabilities were detected in the platform’s security and underlying infrastructure after its smart contract was thoroughly audited by CyberScope, a prominent cybersecurity and blockchain audit company.
Presently, investors’ demand for ETFS tokens is growing at a rapid rate, and even Shiba Inu (SHIB) and Dogecoin (DOGE) whales have been showing interest in ETFSwap’s native token.
New investors can purchase ETFS tokens in its ongoing first presale stage to gain access to ETFSwap’s numerous trading solutions and investment opportunities.
The price of the token is currently $0.00854 but is expected to rise to $0.01831 by the second presale stage. The platform has already scored multiple achievements in its ongoing presale, witnessing more than 80 million ETFS tokens sold out in just the first stage of its presale.
For more information about the ETFS Presale:
Visit ETFS Presale
Join The ETFSwap Community
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