DOGE Surpasses SHIB and Rest of Meme Coins in Key Metric: Details

According to recently published data, the original meme cryptocurrency Dogecoin remains ahead of the rest of the meme coins’ market. The key metric in which it continues to surpass them is the activity of the loyal DOGE community on various social media platforms.

SHIB now again comes second after Dogecoin here. On Friday, the official Shiba Inu marketing lead, who prefers to call herself Lucie, shared a diagram. It shows that SHIB has regained the second place in social activity among meme cryptocurrencies. DOGE remains on the first place unsurpassed.

$SHIB 🥰❤️ back to second place pic.twitter.com/jWqTmLWuzb

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 23, 2024

SHIB burn rate down in red

Popular Shibburn blockchain tracker has shared that during the last 24 hours, the SHIB community has continued to transfer Shiba Inu meme coins to dead-end digital wallets. However, their activity has not been high enough to keep the daily burn rate in the green zone.

As of this writing, the burn rate reading shows minus 83.19%, while the number of meme coins destroyed during the last 24 hours comprises 4,800,831 SHIB.

So far, Shibburn has spotted seven transfers that moved nearly 5 million SHIB to unspendable blockchain addresses. The most recent of them have carried the largest amounts of SHIB out of circulation so far: 1,474,062 and 1,023,604 Shiba Inu.

Recently, the SHIB team performed a hard fork on Shibarium. As part of it, a new burn mechanism was integrated. It allows the team to automatically convert part of the gas fees on Shibarium from BONE tokens into SHIB and then burn them.

SHIB team shares important statement

On Friday, Lucie published a tweet to share with the community how the SHIB team evaluates projects for providing them with support or offering a partnership. The main factor here, according to the tweet, is how much value they bring onto the Shibarium chain, i.e., liquidity.

Next comes respect for the Shiba Inu brand, as well as burning SHIB coins or using them in dApps to enhance adoption. Another important thing is that new projects should “promote themselves positively and share accurate information while respecting the canine code of conduct.” Avoiding making “trash coins,” Lucie stressed, is also a crucial factor here. “Many are frustrated by new ‘trash coins’ that exploit our community,” she pointed out, hinting that projects adopting those assets are not welcome on Shibarium.

Insights on Evaluating Projects: What Matters to Us

We have our own approach and are just sharing our thought process.

I just had a discussion with our admins and want to share our perspective on evaluating projects:

•Liquidity is a major factor: It’s not just about selling… pic.twitter.com/IsXtAm9eWN

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 23, 2024

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