Shiba Inu and Dogecoin, in the turmoil of the looming crypto winters, should we still trust them? | | Cryptocurrency

Dogecoin and Shiba Inu are arguably the most popular meme-inspired cryptocurrencies on the market, seeing the huge growth the two have seen over the years.

Dogecoin hit a new high of around 73 cents. Dogecoin has become one of the most important cryptocurrencies in the market, its price having increased by more than 12,000% in the last year, attracting figures like Elon Musk to talk about it and tweet about it.

Google searches such as “Is dogecoin the new bitcoin?were even trending searches on Google Trends.

Shiba Inu was first released in August 2020. This meme coin is a parody of dogecoin and later called “Dogecoin-Killer”. When the Shiba token rose 2,405% in three days to reach $0.000039 on May 10, 2021, this crypto started to catch the attention of investors. Over the summer, the token struggled to regain ground, but on October 28, it hit an all-time high of $0.00008845.

However, Dogecoin and Shiba Inu were overtaken by the bearish wind blowing across the cryptocurrency as the two assets fell to $0.08 and $0.00001, respectively. Since then, teams have launched multiple ways to bring back the glory days of these dog-themed cryptocurrencies.

shiba inu burn rate

Apart from the other things the team behind Shiba Inu have done to add value to meme currencies, including rolling out a metaverse plan for Shiba Inu, codenamed “shibernate“.

The team also moved towards a new strategy to drive the price up by massive token burning. In the past 24 hours, the burn rate of the second most popular meme cryptocurrency has soared 189.16%.

A total of 141,010,050 Shiba tokens were destroyed, sent to dead-end wallets and locked during this time. Shiba Inu also reached a new record in terms of the number of owners, which exceeded 1.2 million.

The Shiba Inu Team destroyed over 410.3 trillion tokens Shiba Inu so far, significantly reducing the circulating supply of the coin, which, in turn, aims to increase the value of the cryptocurrency price.

However, the price of $SHIB is still struggling to break above the $0.00001 level.

Adoption of Dogecoin

Dogecoin has been involved in multiple corporate adoptions, accepting cryptocurrency as a form of payment. The most important is that of Tesla and SpaceX of Elon Musk. Elon Musk had announced that his aerospace company, SpaceX, would soon accept dogecoin as payment, joining Tesla in the process.

Musk is a longtime supporter of cryptocurrencies, especially Dogecoin. He first clarified that Tesla derivatives can be purchased with this cryptocurrency.

However, there is no official launch date for it yet. Dogecoin has also caught the attention of some politicians like Timothy Ursich. He is a chiropractor and sports medicine specialist who is campaigning for the United States Senate in California.

In a recent tweet, he offered to make Dogecoin legal tender and asked for help from Dogecoin co-founder Billy Markus and Tesla CEO Elon Musk ahead of the June 7 primaries.

Just yesterday, the official Dogecoin blockchain explorer “Dogechain” went live on Polygon Edge. Dogechain would now have the ability to deploy dApps, generate NFTs, and even create blockchain games as an integrated feature.

Dogecoin, however, is still below the general cryptocurrency market dip, sitting at $0.082.

We leave you here to make your investment choice, Shiba Inu or Dogecoin. Choose your dog!

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Shiba Inu and Dogecoin, in the turmoil of the looming crypto winters, should we still trust them? | | Cryptocurrency

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