The project attempted so by offering some potential applications, such as smart contracts and an exclusive decentralized exchange called ShibaSwap that enables users to stake SHIB for "BONE" and "LEASH," two other tokens within the Shiba Inu ecosystem. Shiba Inu's launch came with a promise that it would be a better version of Dogecoin. Source: TradingView The Shiba Inu ecosystem grows SHIB/USD versus DOGE/USD daily price chart. dollar since May 12 stand around -7.5% versus DOGE's 17.5% losses in the same period. (and hodl $BBW to see data for the top 1000!) #SHIB #whalestats #babywhale #BBW /2o5A0yhHy4- WhaleStats - BabyWhale ($BBW) July 5, 2022Īs a result, SHIB's losses against the U.S. JUST IN: $SHIB is back on top 10 purchased tokens among 1000 biggest #ETH whales in the last 24hrs That could give traders a reason to accumulate SHIB over DOGE, primarily during a crypto bear market when almost all digital assets fall against the U.S.
Source: ĭogecoin does not boast a coin burn feature and comes with an uncapped supply. The Shiba Inu network has burned more than 410 trillion SHIB tokens (~$4.5 billion at July 8's price) from its initial supply, according to data tracking portal.
The process involves sending SHIB tokens to a wallet without a master, i.e., removing them out of circulation permanently against the total one quadrillion supply (half of which were sent to Ethereum's co-founder Vitalik Buterin. Source: TradingViewĬoin burn is the most logical explanation behind SHIB's recent rally against DOGE. In detail, SHIB/DOGE gained a little over 40% after bouncing from 0.0001120 on May 12, its lowest level on record. Shiba Inu ( SHIB) has grown stronger against its top "memecoin" rival Dogecoin ( DOGE) in the last two months, in part due to the token's periodic token burning events and a flurry of project announcements that promises to boost its utility.