Although it was a good day for memecoins, Shiba Inu (SHIB) did not do well. The value of the currency dropped by 1%. This price action is mostly not important, but it's upsetting because holders were looking forward to how the price of $SHIB would do after Shibarium launched.
In the past few weeks, the Shiba Inu team let everyone know about the Shibarium layer 2 network again. The price of SHIB stayed around $0.000008, though. Many investors are worried about the project's future because the start of the layer-2 blockchain has failed several times. Even though the company protects assets up to $2 million, Shiba Inu's wallet holdings have hit an all-time low.
Token holders decided to move their shares because of the problems that came up when Shibarium first came out. Recent blockchain reports say that SHIB funds have been steadily going down since August 17. This has not happened since the beginning of 2022.
Even though the price stayed pretty steady, $14.5 million worth of 1.8 trillion SHIB tokens were taken out between August 17 and 26. This was more than 10% of all the trades that week. This big increase in withdrawals could cause a lack of supply, which would change how the price of SHIB moves.
Up 16% For Golden Inus
There have been some disappointing results from other memecoins lately, but the Golden Inu (GOLDEN) ERC-20 token has recently had one of its best days ever. The fact that the currency was listed on well-known crypto-listing sites clearly got investors excited, as its 24-hour trading performance went up by an impressive 18%.
Without a doubt, those are exciting times for people who hold GOLDEN. It's about to start a new play-to-earn game called "Golden Inuverse" for the crypto project. This is likely to make the price of the token go up even more.
Another thing that supports this market confidence is the new token-burning portal, which lets everyone keep a close eye on how fast the tokens are being burned.
Notably, Golden Inu burns tokens in a way that is different from how most cryptocurrencies do it. Instead of depending on investors to burn tokens on their own, Golden Inu has set up a smart contract that uses 50% of all revenue from the project's dApps to automatically buy back tokens so that they can be burned again.
This way should not only make $GOLDEN more valuable, but it should also get more people to use the company's apps. On top of that, the new security checks that the developers and founder of Golden Inu have done add weight to the idea that buying in it is safe. Thinking about the future, Golden Inu's innovative projects, rising market interest, and stronger security measures all point to a bright future for $GOLDEN.
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