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Shiba Inu: Trillions Of SHIB To Be Burned

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An interesting upgrade for the Shiba Inu community has been released by the official Shibarium Network. The Shibarium team reiterated that the Layer 2 solution is only for the SHIB community and that BONE will be its only token before explicitly announcing that each Shibarium transaction will burn SHIB.

The hypothesis of burning billions of SHIB is expected to be heavily influenced by the future Layer 2 Shibarium. SHIBQueenie, a moderator on the SHIB Discord, predicts that dApps on Shibarium could cause the local ecosystem to burn trillions more SHIB after burning 111 trillion in months.

As the Shibarium beta launch draws near, the Shibarium team also stated that it was now concentrating on delivery. For the debut of the Shibarium beta, anticipation is growing. A Shibarium section has been added to the SHIB wiki on the official website, according to SHIB BPP, a Twitter account dedicated to the Shiba Inu community.

Given these anticipations, BONE, the Shibarium blockchain’s gas, is still one of the top trending topics on Twitter as of the time of writing. Shiba Inu’s governance token, BONE, has been added to the whitelist of DEX aggregator OpenOcean. BONE is currently up 4.19% at $1.09 and up 28% over the past seven days.

Shiba Inu Pulls Up Its Socks

Initiatives to prevent Shiba Inu burns have been among the ecosystem’s most significant ones. At first, there was a desire to lessen the number of Shiba Inus roaming around. This was done in the hope that it would eventually create scarcity and increase in value.

In terms of burning, 2022 has been a mixed year for SHIB. There were days when the burn rates spiked above 4000% and days when they sharply declined.

Shiba Inu was one of the coins that CoinMarketCap’s users added the most to their watch lists in the year 2022. The SHIB token is currently being accumulated by whales or significant holders. According to WhaleStats, “BlueWhale0159,” an ETH whale, just purchased 186,939,748,000 SHIB for a total cost of $1,596,465.

The greatest 100 and 2,000 ETH whales monitored by WhaleStats rate SHIB as one of the assets they have purchased the most of. Additionally, it rated as the most used smart contract for the top 2,000 ETH whales and the most traded asset for the top 1,000 ETH whales.

The Shiba Inu burn rate did, however, reach a higher level for the first three days of 2023.

Why are Meme Coins a popular choice at Crypto Casinos?

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Meme coins are the hottest craze in crypto, and inspired by memes and internet jokes. The most famous one of them all is Dogecoin, but Shiba Token is also massively popular. 

For whatever reason, the iconic Shiba Inu dog resonates with internet users, with thousands of memes made everyday using the cute dog breed. 

Memes are a relatively new phenomenon, and are described as an idea, behavior, or style that spreads by means of imitation from person to person. They go viral via social media, and are often shared by celebrities, which gives them an ever larger outreach. 

In fact, it can be said that Elon Musk is responsible for the success of Dogecoin, because of his constant sharing of Doge memes on his personal Twitter account. The same logic is applicable with Shiba Inu Token, as it’s closely linked to Vitalik Buterin, the founder of Ethereum. 

The memes produced by Dogecoin fans are normally of a comedic nature, poking fun at the other protocols like Bitcoin and Etherum, as taking themselves too seriously. 

In the internet age, it’s no surprise that memes have become a common art form. Famously President Trump often posted political memes on his Twitter account, receiving praise and backlash. 

Memes hold a lot of power in conceptualizing an idea or thought, and the crypto community has relied on the medium to promote its theories ever since the revolution began. 

Now we have plenty of meme coins, some more widespread than others, but all having one common goal, cryptocurrency is here to stay. 

Meme coins compared to Bitcoin  

The original meme coin, Dogecoin (DOGE)  was invented way back in 2013 to joke about Bitcoin at the time. Nobody could have predicted in the following years for Dogecoins spectacular rise! 

Dogecoin has grown exponentially in the past nine years. It has recently entered the NFT space and DOGE has become a preferred coin to use when gambling at Bitcoin casinos online. This is because it’s much faster and has lower fees than Bitcoin, so it’s perfect for both deposits and withdrawals. 

Everyone can afford a few Dogecoin too, compared to that of Bitcoin. Not to mention DOGE holders continue to make fun of other coins on numerous social media sites, from Reddit to Discord. The community is resilient, and still producing memes of their favorite coin and waiting patiently for the next bull run. 

The second biggest meme coin, Shiba Inu (SHIB) was a unique coin when it started. The protocol started with 1 quadrillion coins and half of these were given to Vitalik Buterin for safekeeping. It was later revealed, at Shiba Inu’s all time high Buterins wallet was worth $8bn, and later he stated it made him feel like a James Bond villain. 

Shiba Inu token is a copycat of Dogecoin. It made the Shiba Inu dog breed its brand, and enjoyed a meteoric rise in the 2021 bull run. Nonetheless, it hasn’t dropped off spectacularly as many thought. Instead going from strength to strength and recently launching an NFT ecosystem. 

Shiba Inu token is another popular alternative to use instead of Bitcoin at online casinos. The reason is similar to Dogecoin, low fees, and ultra fast speed for all transactions. 

The Shiba Inu community is huge, with over 500,000 members who make memes and play NFT games online such as the Shiba Inu trading game. In addition, Shiba Inu has its own decentralized exchange, and DeFi platform called ShibaSwap. Users are able to buy other cryptocurrencies with their Shiba Inu, and take advantage of financial products such as lending and borrowing. 

The third most popular meme coin, Mona Coin (MONA) hails from Japan and is based on the art character ASCII, called Mona. It’s also been around for a while, existing since December 2013. 

In total, there’s 105 million Mona Coins in circulation, and the protocol uses the Lyra2RE algorithm. Notably, Mona Coin is way more popular in Japan than the West, and therefore is seen as an oriental version of Dogecoin.  

The Mona Coin developers built a platform, Monappy.jp which allows MONA holders to share information, memes, trade NFTs, and even play online casino games. 

Waiting for Dogecoin to go parabolic: David Gokhshtein

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The first cryptocurrency to exist was Bitcoin [BTC]. Soon after that, a wide variety of new coin types started to appear on the market. Some, like Dogecoin [DOGE], were launched as jokes while others promised to address Bitcoin’s flaws. But like BTC, DOGE eventually paved the way for a number other joke cryptocurrencies that were really useful. Nevertheless, the groups who run these networks continue to praise their own while decrying other networks.

Gokhshtein Media’s creator and crypto phile David Gokhshtein recently admitted that he still has a significant amount of Dogecoin in his possession. He is anticipating the parabolic rise of the leading meme coin.

Since last year, Gokhshtein has backed DOGE, claiming that it has made it possible for many people to invest in Bitcoin. Shiba Inu and Floki Inu are two additional top canine coins that Gokhshtein has generally said the same thing about. It appears that he was trying to resolve a conflict between the Shiba Inu and Dogecoin communities when he stated in one of his most recent tweets that it was acceptable to possess both currencies.

Recently, Gokhshtein has revived his love for XRP, the Ripple-affiliated token; on occasion, he has been tweeting praise for XRP and asserting that should Ripple prevail in the lawsuit against the SEC regulator that has been pending since 2020, not only would the San Francisco-based fintech company and XRP explode, but the entire cryptocurrency industry will reach a new level.

On September 28, Gokhshtein even acknowledged that he had thought about buying more of these tokens to add to the number he already owned.

Dogecoin adoptability on the rise

With Elon Musk including the popular meme coin in Tesla’s payment options at the beginning of the year and SpaceX following suit in the spring, dogecoin adoption has been rising recently. In addition, BigCommerce, a significant supplier of e-commerce software, recently joined forces with BitPay and CoinPayments. As a result of this collaboration, hundreds of BigCommerce merchants have begun to accept a variety of cryptocurrencies, including DOGE, SHIB, Ethereum, and Bitcoin.

According to information from CoinMarketCap at the time of writing, DOGE is currently trading at $0.05967 and is in position 10 of the top 10 list, showing a slight decline of 0.57% over the last 24 hours.

776 million Dogecoin on the move

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Several transactions that moved significant quantities of Dogecoin have been noted by @DogeWhaleAlert. For very small costs, a total of roughly 780 million coins were transported. The recipient that took everyone by surprise was the Binance exchange. A total of around 4 billion Dogecoins were moved earlier this week.

The aforementioned DOGE transaction tracker tweeted that six transfers totaling 776 million Dogecoins were discovered over the course of the previous 24 hours. These funds were moved in lump sums ranging in size from 70 million to 290 million DOGE. 72.3 million and 74.3 million meme coins were traded in the smallest sums. The largest portion moved 291 million.

A total of 291,143,830 DOGE worth $24,846,214 were sent from an anonymous wallet to the Binance exchange. Between two anonymous addresses, the sums of 122,586,585 and 108,369,665 were transferred. According to @DogeWhaleAlert, three transactions totaling almost 255 million Dogecoins were sent to several of the top 20 DOGE wallets. 291 million DOGE were sent to Binance for just 64.20 DOGE ($5.48) in fees.

On August 15, a total of 3,626,448,978 was transferred, as reported by @DogeWhaleAlert. The value of this chunk of Dogecoin is $258,900,035.

On June 1, Binance CZ stated that “proof of assets” had been added for BSC-based tokens like DOGE, XRP, and some others on his exchange. Then, more than 649,132 addresses possessed 1,400,000,000 DOGE wrapped on Binance Smart Chain (also known as BNB Chain).

The same source released information about the quantity of Dogecoins held in the wallets of prominent trading app Robinhood, led by Vlad Tenev, before to the tweets stated above.

On behalf of its investors, Robinhood currently possesses 39,788,383,719 DOGE, according to this data. This quantity of cryptocurrency, which makes up 29.99% of the meme coin’s available supply, is valued at $3,377,516,529.

Elon musk backs Dogecoin

TWJ stated earlier this week that Shiba Inu, the second-largest cryptocurrency, had more Twitter followers than Dogecoin. Currently, SHIB has 3.44 million subscribers compared to the OG meme coin account’s 3.43 million.

Shiba Inu is currently in 12th place on CoinMarketCap, while DOGE is still in the first place by market capitalization value. In addition, unlike Shiba Inu, Elon Musk, a.k.a. “Tony Stark” on Twitter recently, is Dogecoin’s biggest and most prominent backer.

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To refresh your memory, Tesla just added DOGE as a method of payment for merchandise in its online store. Musk just declared in a tweet that he will continue to promote and purchase Dogecoin.

BabyDoge swap TestNet to go live in 7 days

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One of the earliest meme coins, Dogecoin, is undoubtedly well-known to the majority of people, but what about BabyDoge? If not, they’re lucky because the project has suddenly attracted a lot of interest. The development of numerous cryptocurrencies was made possible by the invention of meme coins.

BabyDoge tweeted on Wednesday that its eagerly awaited swap is ready to go and that its TestNet would go live in less than a week, giving lucky users the opportunity to be beta testers. The tweet read,

“BabyDoge is honored to announce our swap is complete! We invite the entire community to join us when TestNet goes live”

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Source: Twitter

The dog meme currency also discloses that its DEX would provide users with more options than simply the ability to exchange one Binance Smart Chain (BSC) token for another. Users would be able to farm and stake their tokens via the swap, according to the altcoin. Users would also be able to hold BabyDoge for less money and get a free token locker.

Remember that the meme coin first announced its intentions to provide a swap in April, indicating that it will include burn functions. After that, a tweet in June disclosed that its DEX would impose costs as low as 0%.

BabyDoge rise in popularity

Notably, the doggie meme coin is gaining support and hopes to overtake the second-place finisher in the race in less than a year. The meme coin overtook leaders Dogecoin and Shiba Inu to rank third among dog-related meme coins in April. Additionally, BabyDoge has the most owners among the three, according to BscScan, with close to 1.6 million owners—more than twice as many as Dogecoin.

Aside from the growing utility, users are still drawn to the meme coin because of its consistent token burning, which contributes to its deflationary character. Notably, BabyDoge destroyed 50 quadrillion coins in July, totaling over $88 million, making it the biggest burn event in the history of cryptocurrency.

The meme coin declared on Tuesday that it is currently rated 139 on CoinGecko. BabyDoge is currently selling for $0.000000001560 with a rise of 4.6% over the last 24 hours.

Shiba Inu takes it to The Third Floor

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A significant collaboration between the Shiba Inu team and The Third Floor (TTF), the busiest visualization studio known for its work on numerous Marvel blockbusters, has been announced.
TTF will take charge of artistic development by assisting the creators of the well-known meme coin in defining the virtual worlds for the metaverse project.

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Source: Twitter

The American firm has contributed to a number of well-known films, including “Avengers: Infinity War,” “Wonder Woman,” “Thor: Ragnarok,” “Mad Max: Fury Road,” and others. TTF has also contributed to episodic television shows and video games like “Doom” and “Resident Evil 6.”

The Shiba Inu community’s artistically driven mission, according to TTF’s chief creative officer Dane Smith, is “inspiring.” According to Smith, the metaverse may be able to provide an infinite amount of opportunities and mixed-reality experiences.

At the time of press, Shiba Inu was priced at $0.00001178 with a daily hike of 0.73%.

Shiba Inu’s rival Dogecoin presents its Core 1.14.6

Dogecoin has a new iteration, and cryptocurrency users shouldn’t disregard it. The Dogecoin team published a new core version of the joke currency early on Thursday, enhancing the blockchain’s efficiency and security. On Twitter, the Dogecoin team announced,

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Source: Twitter

Along with security updates, the developers updated the pricing structure and other features. For instance, from 1 DOGE to 0.01 DOGE, the acceptable dust limit has been reduced. Other modifications included limiting the amount of addnode records that could be created to 800 and configuring a wallet backup directory.

Improved stopped transaction detection was one of the new features that will assist cut down on delays. In addition, adjustments were made to the UI’s pruning configuration and its management of connections without restarting.

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Source: Twitter

Elon Musk was one of the community members that wanted DOGE to change course and take on a more significant role in usability. We can view the outcomes of the investigation conducted by the Doge developers.

During Tesla’s earnings call, where they reported selling off 75% of its Bitcoin holdings but none of its Dogecoin holdings, the billionaire’s backing was evident.

Furthermore, at the time of press, Dogecoin was priced at $0.0689 with a rise of 0.72% over the last 24 hours.

Floki Inu folks’ resilience during price volatility

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Floki Inu has been making waves since its launch. One of the strangest and most intriguing phenomena in the cryptocurrency market has been dog-coins.

Dogecoin (DOGE) and Shiba Inu (SHIB) riled up the meme crypto revolution. These assets’ rising popularity paved the path for the development of related cryptocurrencies like Floki Inu [FLOKI], BabyDoge Coin, and others. The price was less important than these assets because they were being adopted first.

The majority of these assets struggled to make gains and are currently worthless. Even though the community has been considering these assets’ potential for development, several members have expressed worries over price stagnation. During a recent AMA, a key team member of Floki Inu made the decision to solve the issue.

The market as a whole is in severe hardship as a result of the bear market. One of the impacts was FLOKI. The meme currency has experienced a significant decline over the past three months.

This worrying occurrence has undoubtedly received a lot of attention. However, the core team of the network appears to be cut off by the same. A team member identified in the AMA as @100bviking on Twitter claimed that they were unconcerned with FLOKI’s short-term price movement. In fact, he said, “It doesn’t move us, and it certainly doesn’t distract us.”

He further added,

“That said, to answer the above question, macro sentiments over the past few months have been very bearish and crypto isn’t an exception. Ethereum will become 7 years old this year (meaning it has survived several bear markets) and is the second largest crypto asset in the world with countless of institutional investors and on every exchange in the world yet it’s down 80%.”

Additionally, he pointed out that the Floki Inu is not immune to the bears’ swings. However, they continue on with adoption as their main objective.

Listing on CEX, an essential to Floki Inu price

Despite the start of the bear market, assets like Shiba Inu have been able to attract listings. For Floki Inu, things weren’t the same. The community emphasized the importance of CEX listings in maintaining a cryptocurrency’s price and volume.

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Regarding the same, the core team member mentioned that they were in discussions regarding listings with numerous CEXs. A few people are waiting for the bear market, while others have consented to list the altcoin right away. Therefore, there is no significant problem with the listing. At the time of writing, Floki was priced at $0.00000709 with a daily hike of 0.4%.

Shiba Inu, DOGE, and Other Memecoins Witness Over $600M Trading Volume in 24 Hours

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Shiba Inu and Dogecoin have seen increased activity since investors are turning to extremely high risks and concerns.

Shiba Inu worth $332 million and somewhat less DOGE worth about $273 million were traded on the cryptocurrency market, according to Coin98 data. Eight additional coins are designated as “meme coins,” although their combined volume is still just approximately $20 million.

Shiba Inu ranks the highest traded among the meme coins

Shiba Inu overthrows DOGE to rank the highest traded in the last 24 hours. It is followed by ELON, BABYDOGE, FLOKI, AKITA, YDOSHI, KISHU, VINU and GOM.

DOGE has performed admirably in the first month of the summer, increasing in value by around 50% as the cryptocurrency market briefly saw a return to purchasing power. DOGE is still one of the most lucrative assets in June.

Unfortunately, the comparatively robust rise of 50% is insufficient to reverse Dogecoin’s severe downturn, which has persisted since November 2021.

Yesterday, Shiba Inu holders surpassed a new milestone. Shiba Inu’s enthusiasm has recently increased, and the number of owners appears to have reached a new high.

According to data from WhaleStats, the number of SHIB holders has surpassed a significant milestone. They found that the number of SHIB holders had surpassed the 1,200,000 mark, standing at 1,200,006.

Shiba Inu has been thriving thanks to its notoriety as current whale interest appears to have increased. The meme coin has a lot of advancements planned for this year, which may be linked to the increase in interest and the new milestone. Leading SHIB developer Shytoshi Kusama has stated the list of developments. One of the reasons for the increase in interest may be due to the developments he provided a sneak peek of.

Dogecoin co-founder addresses Musk’s Twitter takeover

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Elon Musk has been making headlines for a variety of reasons. His current interest in taking over Twitter and his fondness for Dogecoin [DOGE] appear to have put him in the spotlight. Musk’s bid for Twitter has sparked a lot of debate. While some people are rooting for Musk to take over Twitter, others are worried about Trump’s possible return. Meanwhile, Jackson Palmer, a co-founder of the DOGE, feels Musk is on the verge of destroying the social media network.

The memecoin co-founder addressed Musk’s Twitter takeover during a recent interview. He continued by saying,

“The second I heard he was going to make a bid, I thought that he intended to destroy Twitter. I think if you look at what’s happening, that’s what’s happening. He was sowing a huge amount of discord and distrust on the platform, and there are huge amounts of churn and attrition from staff.“

Musk’s purchase of Twitter has been beset with problems. Several people are sceptical that the Twitter acquisition will go through due to the repeated delays. Palmer went on to say that Musk might be attempting to destroy all trust or that he’s crazy enough to believe he can construct an alternative.

Dogecoin co-creator’s first interaction with Musk

Palmer recalled his first encounter with Tesla CEO Elon Musk when discussing Musk’s Twitter takeover. Palmer allegedly messaged Musk on Twitter about a code that would instantly detect a cryptocurrency scam on someone’s Twitter account. The bot would then notify the social media giant about the scam. Palmer went on to tell numerous other crypto influencers about it. Musk was also interested in participating.

Elon Musk went on to become one of the most powerful figures in the cryptosphere. As a result, con artists have utilized Musk as the face of their phony “crypto giveaways” time and time again. Palmer’s script appeared to be a good fit for Musk. Musk, however, did not understand coding as well as he claimed, according to the Dogecoin co-founder. Musk reportedly asked the DOGE co-creator about running the Python script.

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Elon Musk

As Palmer continued to criticize Musk, the billionaire showed his support for Dogecoin by adopting it at SpaceX.

Dogecoin co-founder states the obvious yet again

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On his official Twitter account, one of the Dogecoin project’s founders sent a crucial reminder regarding his affiliation to the cryptocurrency in its current incarnation.

Billy Markus stated in his post that he is no longer working on Dogecoin. Despite being one of DOGE’s most prominent ambassadors, he left the meme-currency seven and a half years ago and has no plans to return.

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Source: Twitter

Though some people disagree with his move, his goal is to demonstrate what true decentralization is. Even thoughthe fact that the meme coin’s environment is not the most technically proficient in the market, it is still under continuous development.

“Shibetoshi Nakamoto” has also spoken on the cryptocurrency market’s definition, humorously portraying it as a mix of “hopium,” “fomo,” fear, and other circulating phenomena. He also mentioned that studying human nature in relation to money is fascinating.

Despite his distance from the project’s core, Markus feels that the DOGE ecosystem benefits from the speculation that surrounds it. He also stated that the meme token team’s primary focus in the present and future should be on utility.

Markus has often told his subscribers that he is unconcerned about the price of Dogecoin. The community’s anger stems from the fact that DOGE has lost more than 85% of its value since its all-time high.

Dogecoin’s new plan to go bullish

Dogecoin, the first memecoin to hit the cryptocurrency market, offers a tip for intraday traders in the form of a symmetrical triangular formation, which might propel DOGE higher if it plays out in favour of bulls.

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Source: trading view official website

A symmetrical triangle is considered a bullish pattern by traders since it usually leads in an upward breakout. However, traders should not overlook the likelihood of a bearish situation in which an asset violates the pattern’s lower border and accelerates downhill.

However, DOGE is more actively probing the formation’s lower border, implying a short-term decline rather than an upward rally. At the time of writing, Dogecoin (DOGE) was priced at $0.08714 with a surprising daily rise of 2.59% according to data from Coin Market Cap.