- Shiba Inu positions itself as a possible competitor to Dogecoin by hinting at important ecosystem improvements.
- The SHIB token burn rate is a good indicator of ecosystem health and dynamic investor participation.
With indications of significant improvements to their ecosystem, the Shiba Inu team has aroused interest and may pave the way for Shiba Inu (SHIB) to overtake Dogecoin in the hierarchy of digital currencies.
These developments, coming after SHIB’s exceptional market performance, highlight the cryptocurrency’s rising prominence in the world of digital assets.
Shiba Inu’s Ambitions of a Metaverse
The digital domain of Shiba Inu, called Shib: The Metaverse, is generating excitement as prominent marketer Lucie teases big projects on X. Even though there is not a firm launch date and it will take longer than expected to debut in late 2023, the Shib team’s success points to a vast virtual future.
Can't wait for the next sneak peek ☺️. #ShibTheMetaverse has huge plans, and @treatsforShib are a big part of it.
♥️ @mvshib
IYKYK.
pic.twitter.com/8FgWwik0kp— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 17, 2024
Initiatives like land auctions and dynamic promotion on digital channels are part of Shiba Inu’s metaverse journey. Lucie also provided information about a future coin called TREAT, which is intended to improve the Metaverse experience by providing liquidity and acting as a reward inside this virtual world.
With the goal of unseating Dogecoin, the Shiba Inu group has announced a change in the cryptocurrency hierarchy. “Get ready for a new top doggo” is their certain message to the digital currency community, and it suggests a calculated attempt to rethink market leadership, leveraging insights from earlier ETHNews reports.
Keeping an Eye on the SHIB Token Burn Rate
The token burn rate is a crucial indicator of the health of Shiba Inu’s ecosystem. In contrast to a 97.62% decline the previous week, a noteworthy tweet from Shibburn indicated a huge increase in the amount of SHIB tokens destroyed—28,109,815 tokens were burned in the last day alone, representing a 131.21% increase.
HOURLY SHIB UPDATE$SHIB Price: $0.00002704 (1hr 0.04% ▲ | 24hr 5.25% ▲ )
Market Cap: $15,936,768,101 (5.59% ▲)
Total Supply: 589,275,855,262,520TOKENS BURNT
Past 24Hrs: 28,109,815 (131.21% ▲)
Past 7 Days: 342,850,889 (-97.62% ▼)— Shibburn (@shibburn) March 21, 2024
Meanwhile, the price of SHIB, which had risen 6.70% in the last 24 hours, went to $0.00002693. But, this represents a drop of 20.04% over the past week.