Shiba Inu’s marketing lead, LucieSHIB, has recently responded to the increasing culture of comparing SHIB with other meme tokens like Dogecoin, PEPE, and dogwifhat. According to Lucie, such comparison is not fair and does not give an actual value of Shiba Inu that should be expected.
Instead, she encouraged the community to pay attention to SHIB’s ecosystem. It includes BONE, LEASH, and other tokens related to the Shiba Inu.
SHIB’s Significant Growth Outshines Competitors
In her remarks, Lucie also provided statistics showing Shiba Inu’s remarkable appreciation in value compared to other cryptocurrencies. Since its launch, SHIB has seen a 394,500% price surge which is significantly higher than DOGE and PEPE. While DOGE saw a 16,700% rise, for PEPE it was a 12,173% hike.
WIF came in the third place with 303.59% return on investment. Thus, these numbers align with Lucie’s reasoning that SHIB’s value should not be judged. Rather it should based on its meme coin status alone but on the ecosystem and its future growth.
The Shiba Inu executive also mentioned that SHIB’s ecosystem is backed by real assets, which include other tokens like BONE, LEASH, and the upcoming TREAT. She stressed that these assets have real utility for the SHIB community, which makes it unnecessary to compare it with other meme coins.
Moreover, Lucie advised her followers to stick with the Shiba Inu community as it introduces new projects such as Shib the MV and Shiboshis.
Focus on Shiba Inu Ecosystem Amid Market Volatility
However, the trading volume surge that SHIB has witnessed has not been entirely positive as the token, along with DOGE, PEPE, and WIF, suffered price declines in the past few days. However, at the time of writing, SHIB was priced at $0.0000129, having risen 0.64% in the last 24 hours.
Similarly, PEPE and DOGE had a remarkable comeback with an increase of 1.19% and 2.50%, respectively. On the other hand, WIF dropped by 0.26%. To such changes in the market, Lucie advised investors to concentrate on the long-term projects within the Shiba Inu ecosystem.
The team is already preparing to release TREAT, in addition to the other ecosystem assets such as BONE and LEASH. She also informed the community about scammers impersonating as developers with fake token replacements for SHIB. Further, she urged the community to be vigilant, especially with the TREAT launch imminent.
Burn Rate Surges as New Projects Emerge
The Shiba Inu burn campaign has recently started picking up steam, with the burn rate increasing by 1,664%. This was mainly because of a new crypto project known as Living The Dream (LTD). It burned 250 million SHIB tokens in one transaction.
Another evidence of LTD’s participation in the Shiba Inu burn is the company’s previous action of burning 500 million SHIB tokens in two days.
According to Shibburn, a community-driven burn tracker, a total of 250.89 million SHIB tokens were burned within the last 24 hours. Consequently, although the burn activity has been rising, SHIB has not been able to find a footing above key levels.
As of now, more than 41% of Shiba Inu’s initial supply of 1 quadrillion tokens has been burned. This means that there are 583.45 trillion SHIB tokens in circulation. Despite Shiba Inu community burning tokens through different avenues, the team’s official burn portal, Shib Torch has come to a standstill.
The burn rate has not been reported to be high after the launch of the portal till now. This has led to concern among the community. They are worried the portal’s effectiveness as burn activities are still ongoing through other mediums.
Market Sentiment and SHIB’s Price Outlook
Although the number of SHIB burns rose, the token traded in the bearish zone below the long-term moving average. Some of the technical indicators including RSI, MACD point to weakness and bearish pressure in the market.
Consequently, SHIB has been volatile and has not shown any signs of breaking the current downtrend that it is in. At the time of writing, IT is in a falling wedge pattern, which is indicative of an imminent bullish turn.
According to experts, if SHIB manages to break through this pattern, it may surge to around $0.00004551. However, such a target is valid provided that the price breaks out the upper trend line of the wedge which has presented robust resistance.
Source: https://www.thecoinrepublic.com/2024/09/08/why-shib-executive-dismisses-comparisons-with-doge-pepe/