In light of the recent market decline, numerous changes have transpired in the Dogecoin and Shiba Inu ecosystems. These encompass fundamentals that provide a positive perspective for the leading meme currencies.
Advancements In the Dogecoin Ecosystem
Recent advancements in the Dogecoin ecosystem consist of the introduction of 21Shares’ Dogecoin ETP in collaboration with the House of Doge, the corporate division of the Dogecoin Foundation. This marks the first fund officially endorsed by the House of Doge. The ETP is slated to launch in Europe on the SIX Swiss Exchange.
Shortly after revealing the Dogecoin ETP in Europe, 21Shares also submitted an application for a Dogecoin ETF to the US Securities and Exchange Commission (SEC), becoming the third company to do so, after Grayscale and Bitwise. 21Shares and House of Doge will also partner for the DOGE ETF, as the latter will assist in promoting the fund.
Recently, the Dogecoin community commemorated the 2nd anniversary of Elon Musk and the X team’s temporary alteration of the social media’s emblem from the iconic blue bird to the DOGE logo. This occurred in the initial week of April 2023, just prior to Twitter’s rebranding to X. The Dogecoin price had soared approximately 30% following that change.
The Dogecoin team also recently responded to Michael Saylor after the MicroStrategy co-founder claimed that “Bitcoin is Chess.” In an X post, the DOGE crew countered, stating that “Bitcoin is Hungry Hungry Hippos.” This implies that the BTC ecosystem is populated by Degens driven by chaos and excitement.
Recent Developments In The Shiba Inu Ecosystem
Meanwhile, within the Shiba Inu ecosystem, SHIB’s burn rate has experienced a remarkable 1,944% increase in the past twenty-four hours, with 17.5 million tokens burned during this timeframe. One transaction was responsible for the majority of these token incinerations, with 16.6 million SHIB dispatched to a dead wallet. The burn rate has also surged by over 70% in the last week, with 130.9 million coins burned during this period.
This development is promising for the Shiba Inu value, as its price could potentially skyrocket with the increase in burned SHIB tokens. Although SHIB’s price is currently declining alongside the wider cryptocurrency market, it might rebound rapidly as soon as the market recovers, owing to the sustained momentum in token burns.
Another recent occurrence in the Shiba Inu ecosystem is the return of the Lead Developer, Shytoshi Kusama. SHIB’s marketing leader, Lucie, shared a Telegram message from Kusama on her X platform. In the message, Kusama indicated that he would maintain an active role in Shiba Inu’s evolution, stating, “Next week, let’s go back to it, can we?”
Kusama also released the inaugural episode of his podcast, in which he talked about the Karma system, which aims to enhance transparency in the SHIB ecosystem.
Image courtesy of Pixabay, chart from Tradingview.com
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