Shiba Inu's community and developers have taken a significant step towards reducing the circulating supply of SHIB by burning over 1 billion tokens in the past 24 hours. This action, while representing a small fraction of the total supply in dollar value, aims to increase scarcity and potentially boost future value. Meanwhile, Dogecoin has mirrored SHIB's recent price dip, declining by approximately 9% in the past week. However, Dogecoin enthusiasts remain optimistic, predicting an 'epic' rally towards the $1 milestone. The possibility of a spot Dogecoin ETF in the US is also adding to the positive sentiment.
Shiba Inu’s team and community removed more than one billion tokens from the circulating supply in the last 24 hours.by approximately 7,200% in the past 24 hours. This resulted in over 1.1 billion tokens being sent to a null address.
While the USD equivalent of the destroyed stash is insignificant, continuous efforts in the field will reduce the circulating supply of SHIB, making it more scarce and possibly more valuable in the future .to CryptoQuant’s data, outflows have exceeded inflows in the last week, suggesting a potential shift from centralized exchanges toward private wallets.How’s the Big Rival Doing?
The undisputed leader in the meme coin sector – Dogecoin – has performed quite similarly to SHIB in the past seven days. Its price has tumbled by approximately 9% to the current $0.33.that Dogecoin’s next potential rally would be “epic,” claiming that the $1 milestone “is just a matter of time.”how some could bet against DOGE since “at any moment” it could explode by a staggering 900% in just 48 hours.
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