Sunday, 14 July 2024

Crypto News

SHIB token burn fails to inspire major price move; is GFOX stealing SHIB’s thunder?

SHIB token burn fails to inspire major price move; is GFOX stealing SHIB's thunder?

Shiba Inu embarked on a token-burning spree at the beginning of the year. The aim was simple: reduce the supply of $SHIB and increase its value. However, this didn’t cause as significant a price increase as expected, leaving some wondering if the entry of newer coins like Galaxy Fox is stealing its thunder.

Galaxy Fox is making its mark with some analysts describing it as the best upcoming ICO because of its utility and potential for high returns. Is $GFOX taking the spotlight from $SHIB? Let’s break it down.

SHIB token burn fails to inspire major price increase

2024 started with the crypto community buzzing with enthusiasm about Shiba Inu’s initiative to burn its tokens. The $SHIB team, in tandem with the community, engaged in burning sessions using fees from the Ethereum Layer 2 network Shibarium. However, recent data suggests that the fervour has dwindled.

Recently, a mere two burn transactions were recorded by the Shibburn tracking website. A meagre 2 million $SHIB coins were burned, equating to approximately $19. This figure is consistent with the previous day’s burn, signalling a mere 1.93% variation. The weekly chart reveals a 38% decline in the burn rate, with only 64.85 million tokens, valued at around $611, being incinerated.

The reluctance to burn tokens could be attributed to the anticipated bullish market. As the crypto market gears up for an explosive run, holders may be withholding their $SHIB coins, anticipating a substantial appreciation in value during this period. The value of $SHIB failed to increase significantly after the token burns, but it’s now on a bullish path, having recently “burned a zero” from its value.

Galaxy Fox emerging as a strong contender

Galaxy Fox is gaining recognition, with some believing it could displace top meme coins with its real utility and a focus on building long-term value.

While Shiba Inu gained popularity through social media buzz, $GFOX is playing a diverse game. Built on a robust blockchain infrastructure prioritizing security, speed, and low fees, $GFOX is positioning itself as a tech-savvy alternative for investors seeking substance over spectacle.

Unique features driving $GFOX’s appeal

Galaxy Fox offers tangible features that attract modern investors. With secure transaction mechanisms and a commitment to sustainability, $GFOX is more than just a meme coin –…

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