In the past two months, Shiba Inu (SHIB) has outperformed Dogecoin (DOGE) by a margin of 40%. This surge would have been brought on by the SHIB token burn and the launch of several intriguing initiatives within the Shiba Inu ecosystem.
The reason for SHIB’s protest against DOGE would be a token burn
Analysts think token burn is the cause of the current increase in SHIB’s favor over DOGE. Token burning basically entails sending money from a cryptocurrency to an address on a wallet that no one can access. This indicates that the tokens will no longer be available on the market. This is what happened to the SHIB tokens: the Shiba Inu network burned SHIB tokens valued at about $4.5 billion. It goes without saying that this decreased the initial supply of memecoin and hence increased the price of SHIB.
You should be aware that a token burn cannot be done using Dogecoin (DOGE). Additionally, unlike its rival Shiba Inu, this memecoin’s supply is uncapped (SHIB). Due to this, traders are more likely to stockpile SHIB tokens than DOGE tokens, particularly during this downward time when digital assets have seen a significant decline in value relative to the US dollar.
In this regard, be aware that since May 12, SHIB’s losses versus the US dollar are thought to be roughly -7.5 percent. The DOGE has lost 17.5 percent of its value throughout the same time frame. On the other hand, evidence suggests that the SHIB/DOGE pair may fall to the point where prices plummet by 15% to 20% from current levels.
Projects involving Shiba Inus (SHIB) are multiplying.
The Shiba Inu ecology is always expanding. Remember how the network’s creators promised at the time of its introduction that it would be an improved version of Dogecoin? They made an effort to honor their word by establishing a number of applications, including smart contracts and the decentralized exchange ShibaSwap, where SHIB tokens may be staked for BONE and LEASH tokens.
Additionally, principal developer Shytoshi Kusama of Shiba Inu (SHIB) announced the debut of an algorithmic stablecoin called SHI on July 6. For its metaverse, the latter will be connected to a TREAT reward token and a trading card game.
At the same time, the Dogecoin (DOGE) ecosystem has made some noteworthy progress. For instance, Elon Musk, the CEO of Tesla and SpaceX, now accepts DOGE payments on his companies’ websites. Similar to this, the Las Vegas transit system operated by Elon Musk’s Boring Company now accepts DOGE payments.
After the Shiba Inu network burned around $4.5 billion worth of SHIB in the past two months, the Shiba Inu memecoin (SHIB) has increased in value by 40% over its primary rival Dogecoin (DOGE). According to analysts, SHIB’s victory against DOGE is only transitory.