The Shiba Inu community has embraced token burning as the key to potentially driving up the token’s value. The entire $SHIB community has been on the token burn trend since the deflationary mechanism was introduced in June 2021.
You can imagine the level of excitement in the community when the burn rate of $SHIB jumped by 727,870%. However, after over 8.6 billion $SHIB coins were removed from circulation, the meme coin recorded minimal price movement.
The intrigue deepened as a new competitor, Galaxy Fox ($GFOX), touted by some as the potential SHIB-killer, recorded massive growth. Let’s find out why Galaxy Fox has made its way into the list of best meme coins to buy for 2024.
>>BUY $GFOX TOKENS<<
The Shiba Inu Burn Rate Skyrockets, $SHIB Price Remains Flat
Shiba Inu ($SHIB), one of the leading memecoins, has experienced a massive surge in burn rate. Based on on-chain reports, over 8.62 billion $SHIB tokens were destroyed within 24 hours. This represents a 727,870% surge in burn rate from December 16.
This jaw-dropping feat was mostly initiated by the team behind the project. The team performed the token burn on the layer 2 network, Shibarium. Lucie, a major team member, pledges more actions that align with the team’s plan of frequent significant burns.
In an unexpected twist, the price of Shiba Inu remained flat, even dropping in the new week. From its weekly peak at $0.00001189, $SHIB has tumbled by more than 13%. While Shiba Inu still ranks among the best meme coins to buy, there has been a rise in competition.
With the token burning and failing to activate a price surge, investors are looking for the best crypto to buy right now. This search has led many investors to find Galaxy Fox. But what does this new competitor have to offer?
Galaxy Fox ($GFOX) Infuses New Innovation Into the Meme Coin Space
One area meme coins like Shiba Inu have struggled with is sustainability. After a period of rapid rise in price and popularity, their lack of utility often means it isn’t sustainable. Galaxy Fox ($GFOX) has solved this problem, building an exciting blockchain gaming ecosystem.
Taking center stage is the Web 3 infinite runner game, Galaxy Fox. Described as the new ultimate play-to-earn sensation, you will journey through an immersive world filled with unique Fox characters. You will choose your own unique Galaxy Fox character with which you will embark on an extraordinary journey of dominating the virtual world.
For each conquest, there are rewards attached. These rewards aren’t just in-game currencies and digital assets. You can easily convert them to real cash within the Galaxy Fox marketplace. Taking it a step further, Galaxy Fox has created some of the coolest NFTs on the market.
Unlike ordinary NFTs, the Galaxy Fox NFTs are integrated directly into the gameplay. When infused into your profile, these NFTs can activate mesmerizing attribute boosts. You can acquire these NFTs through challenging quests, cosmic events, or directly from the marketplace. Because of its well-thought-out ecosystem, Galaxy Fox has been ranked among the best meme coins to buy for 2024.
Closing Thoughts
In all, the Galaxy Fox ecosystem is built to encourage community participation and earning. This has attracted a large following for the project. In the last few days, the project has raised more than $1.3 million from its vibrant community in crypto presale. A result of the migration from Shiba Inu.
As the dominance of Shiba Inu continues to wane, Galaxy Fox is expected to build an even stronger community. Hence, the reason market analysts are bullish about the project. While it now trades at only $0.00132, analysts have forecasted a surge of 100x in the 2024 bull market. Now is the time to get on this train before it leaves the station.
Learn more about Galaxy Fox ($GFOX) here:
Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter
Source: https://www.analyticsinsight.net/shib-burn-rate-jumps-by-727870-but-price-barely-moves-is-this-new-memecoin-the-shib-killer/