Shiba Inu (SHIB) has recently experienced a drastic decline, with its value plummeting over 33.27% in the past year. Over the past week alone, the asset lost over 6% of its value.
To make things grimmer for holders, sellers are currently outnumbering buyers in the market. Data from 16 major exchanges shows that there are active sell orders for 2.5 trillion SHIB, which is higher than the buy orders of 2.14 trillion $SHIB. This indicates a significant selling pressure on Shiba Inu, contributing to its downward momentum.
This decline has landed the former Dogecoin Killer at its lowest point since July 2021, leaving investors and enthusiasts puzzled. Despite concerted efforts to enhance its ecosystem, Shiba Inu has found itself on a roller-coaster ride of peaks and valleys, underlining the unpredictable nature of the cryptocurrency market.
$SHIB holders were banking on the launch of the layer-2 blockchain “Shibarium” in order to see interesting and favorable movements by the crypto. However, the currency has failed to give them any significant growth over the past 2 years.
Despite the fact that Shibarium just crossed the milestone of 3 million transactions on the platform, the blockchain has only gathered around $0.38 worth of $BONE from those transactions. With the recent burn rate of the currency growing stagnant, the development team stipulates that once Shibarium gathers around $25,000 worth of $BONE from transactions, the blockchain will play a pivotal part in the burning of tokens.
However, at this rate, the blockchain would need to reach over 5 quadrillion transactions in order to achieve the $25,000 mark.
Golden Inu With New Developments to its Ecosystem
While Shiba Inu grapples with its challenges, Golden Inu ($GOLDEN [BEP-20] Token) has quietly emerged as a potential contender. With a notable 130% growth in September, Golden Inu has caught the attention of investors seeking alternatives in a volatile market. The cryptocurrency’s rise can be attributed to strategic initiatives and community-driven decisions, setting it apart from its struggling counterpart.
A key factor contributing to Golden Inu’s appeal is the upcoming launch of Golden Inuverse, a Role-Playing Game (RPG) designed to reward players in $GOLDEN tokens. This integration of gaming and cryptocurrency adds a layer of utility to $GOLDEN, making it an attractive choice for gamers and investors. The prospect of earning tokens through gameplay has garnered interest, potentially reshaping the way cryptocurrencies are utilized in the gaming industry. It will also likely be the beginning of Golden Inu (GOLDEN) token burning, which is expected to be a catalyst for the cryptocurrency’s value.
The Golden Treasury Strategy
Golden Inu (GOLDEN) token’s innovative approach includes the introduction of the Golden Treasury token-burning mechanism. This community-backed initiative aims to allocate half of the profits from decentralized applications like Golden Inuverse to buy back $GOLDEN tokens from circulation and burn them. This deliberate reduction of the token’s supply not only impacts its price positively but also introduces a level of stability often lacking in the volatile world of cryptocurrencies.
This mechanism differs from the competition due to it being able to introduce a steady burning rate, which not only contributes to a healthier currency but also has the potential to cause $GOLDEN to become one of the most profitable memecoins in history.
In addition, this initiative will also be a great motive for everyone in the Golden Inu community to support the ecosystem’s dApps.
While Shiba Inu’s decline raises questions about the sustainability of meme-based tokens, Golden Inu’s calculated surge showcases the importance of adaptability and strategic planning in navigating the unpredictable crypto terrain.
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