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New data reveals that Dogecoin has surpassed Shiba Inu and other meme coins in social media activity, reaffirming its dominance in this key metric, according to a recent report.
Dogecoin Leads Meme Coin Market
Relative to other meme coins, Dogecoin continues to dominate the market, according to newly released statistics.
The engagement of the dedicated DOGE community across different social media sites is a crucial indicator where it consistently outperforms others, U.Today shares. In this ranking, SHIB is once again ranked second, behind Dogecoin.
SHIB Maintains High Social Activity
A schematic was released on Friday by the official Shiba Inu marketing lead, who goes by the name Lucie. Evidence suggests that SHIB is once again the meme cryptocurrency with the second-highest level of social activity. DOGE is still unrivaled in the market.
According to a well-known Shibburn blockchain tracker, the SHIB community has been sending Shiba Inu meme currencies to offline wallets for the past 24 hours. Their level of exercise, meanwhile, has proven insufficient to maintain a daily burn rate within the acceptable range.
SHIB Burn Rate Drops Significantly
During the last 24 hours, 4,800,831 SHIB worth of meme coins were destroyed, and the burn rate reading shows a negative 83.19%.
Nearly 5 million SHIB have been transferred to addresses on the blockchain that cannot be spent, according to Shibburn's seven discoveries thus far. The two most recent ones, with 1,474,062 and 1,023,604 Shiba Inus, respectively, have removed the most quantities of SHIB from circulation.
Shibarium Fork Implements New Burn Features
A hard fork was just executed on Shibarium by the SHIB team. It included a brand-new burn mechanism. This feature enables the team to burn BONE tokens that were automatically converted into SHIB as gas fees on Shibarium.
Friday, Lucie tweeted about the SHIB team's evaluation process for projects in an effort to inform their support and collaboration decisions.
Their liquidity, or the value they add to the Shibarium chain, is the most important consideration, as stated in the tweet. The next step is to honor the Shiba Inu name and reputation, and then burn or use SHIB money in decentralized applications to boost adoption.
"Promote themselves positively and share accurate information while respecting the canine code of conduct." Any new initiatives should also keep this in mind. Another important consideration is staying away from creating "trash coins," as Lucie put it.
Community Frustration Over Trash Coins
She mentioned that "many are frustrated by new 'trash coins' that exploit our community," implying that projects using those assets are not welcome on Shibarium.
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