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- The Shib Burn rate is up by 32,000 percent after 2.25 billion Shib were recently burned.
- New emerging altcoins are positioning themselves as rivals altcoins poised to overtake Shiba Inu.
Shiba Inu has recorded an outstanding feat as the burn rate of Shiba Inu tokens hits a new record. The memecoin, like many other cryptocurrencies, burns its assets to reduce the circulating supply. As a result, demand increases as key players in the market become more positive about the asset.
With Shiba Inu, burns are carried out very often as the network developers continue to cut down on the memecoin’s excessive supply. Most recently, a staggering 2.25 billion Shib was burnt within the last 24 hours. As a result, the burn rate is up by 31,000 percent. The burn was successfully carried out after more than six different transactions were processed on the network.
CultPunks, a newly launched NFT collection, along with another unknown wallet that has been found to be one of the top players that carried out the burn, made the entire process possible.
In the long term, Shiba Inu is poised to benefit from the recent burn. The price of the asset might surge significantly if investors’ sentiments turn green. At press time, Shiba Inu is in the red zone, currently trading at a price of $0.000009983.
Shiba Inu (SHIB) has more than one rival memecoin to watch out for
The memecoin ecosystem might not be as large as the general altcoin market, but it doesn’t make it any less competitive. At present, memecoins are some of the most talked about tokens in the market. While Dogecoin (DOGE) led the conversation for a long period of time, Shiba Inu entered the limelight and has since outperformed enough to be branded as a Dogecoin rival.
However, Shib might have its own competitors, as many more memecoins are mapping their territory in the crypto market. Pepe, a memecoin that recently soared by more than 300 percent in a week has been the talk of memecoin Twitter all week.
Popular memecoin maximalist Eric Cryptoman took to Twitter to disclose the advantages that Pepe has over Shib. He explained that PePe had more liquidity than Shiba Inu.
PEPE has now been the best trade of my life. I have printed more xs on coins before but the difference is this is actually extremely liquid. It has more liquidity than $SHIB at 10% of the market cap. If whales want to cash out they can. The frog coin is the new paradigm, only up.
Another altcoin figure in the market compared Shiba Inu to Floki, citing the impact that the recent listing on the Bitfinex exchange could have on the asset. The Twitter user stated that PePe might be making rounds in the market, but goes in to imply that it is a shitcoin nonetheless. The recent listing has elevated the memecoin’s status by placing it amongst big dogs like Shiba Inu and Doge.
Bitfinex listing for FLOKI is pretty big. While PEPE has a lot of hype now, Bitfinex doesn’t just list any shitcoin because of hype;they are used whales and institutions so they list based on fundamentals.This is massive for FLOKI and puts it in the same league as DOGE & SHIB.
