Shiba Inu and Dogecoin, in the turmoil of the looming crypto winters, should we still trust them? †

Dogecoin and Shiba Inu are arguably the most popular meme-inspired cryptocurrencies on the market given the massive growth the two have seen over the years.

Dogecoin hit a new high of around 73 cents. Dogecoin has become one of the most important cryptocurrencies in the market, its price has risen by more than 12,000% in the past year, attracting figures like Elon Musk to talk and tweet about it.

Google searches like “Is dogecoin the new bitcoin?were even trending searches on Google Trends.

Shiba Inu was first released in August 2020. This meme coin is a parody of dogecoin and was later named “Dogecoin-Killer”. When the Shiba token rose 2.405% in three days to reach $0.000039 on May 10, 2021, this crypto started to attract the attention of investors. Over the summer, the token struggled to regain ground, but on October 28, it hit a record high of $0.00008845.

However, Dogecoin and Shiba Inu were overtaken by the bearish wind that swept the cryptocurrency as the two assets fell to $0.08 and $0.0001 respectively. Since then, teams have launched multiple ways to bring back the glory days of these dog-themed cryptocurrencies.

shiba inu burn speed

Aside from the other things the team behind Shiba Inu has done to add value to meme currencies, including rolling out a metaverse plan for Shiba Inu, codenamed “shibernate

The team also embarked on a new strategy of inflating the price through mass token burning. In the past 24 hours, the burn speed of the second most popular meme cryptocurrency has increased by 189.16%.

A total of 141,010,050 Shiba Tokens were destroyed, sent to dead-end wallets, and locked during this time. Shiba Inu also reached a new record in terms of the number of owners, which exceeded 1.2 million.

The Shiba Inu Team destroyed over 410.3 trillion tokens Shiba Inu has so far significantly reduced the circulating supply of the coin, which in turn aims to increase the value of the cryptocurrency price.

However, the price of $SHIB is still struggling to move above the $0.00001 level.

Adoption of Dogecoin

Dogecoin has been involved in multiple business adoptions and accepted cryptocurrency as a form of payment. The most important is that of Tesla and SpaceX of Elon Musk. Elon Musk had announced that his aerospace company SpaceX would soon accept dogecoin as payment and join Tesla in the process.

Musk has long been an advocate of cryptocurrencies, especially Dogecoin. He first clarified that Tesla derivatives can be bought with this cryptocurrency.

However, there is no official launch date for it yet. Dogecoin has also attracted the attention of some politicians such as Timothy Ursich. He is a chiropractor and sports medicine specialist who campaigns for the United States Senate in California.

In a recent tweet, he offered to make Dogecoin legal tender and asked for help from Dogecoin co-founder Billy Markus and Tesla CEO Elon Musk ahead of the June 7 primaries.

Yesterday, the official Dogecoin blockchain explorer “Dogechain” went live on Polygon Edge. Dogechain would now have the ability to implement dApps, generate NFTs and even create blockchain games as an integrated feature.

However, Dogecoin is still below the general cryptocurrency market dip and sits at $0.082.

We leave you here to make your investment choice, Shiba Inu or Dogecoin. Choose your dog!

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