Amid the recent market downturn, several developments have occurred in the Dogecoin and Shiba Inu ecosystems. These include fundamentals, which provide a bullish outlook for the foremost meme coins.
Developments In the Dogecoin Ecosystem
Recent developments in the Dogecoin ecosystem include the launch of 21Shares’ Dogecoin ETP in partnership with the House of Doge, the corporate arm of the Dogecoin Foundation. This is the first fund that the House of Doge is officially backing. The ETP is set to go live in Europe on the SIX Swiss Exchange.
Shortly after the announcement of the Dogecoin ETP in Europe, 21Shares also filed for a Dogecoin ETF with the US Securities and Exchange Commission (SEC), becoming the third firm to do so, following Grayscale and Bitwise. 21Shares and House of Doge will also collaborate for the DOGE ETF, as the latter will help in marketing the fund.
The Dogecoin ecosystem recently celebrated the 2nd anniversary of Elon Musk and the X team temporarily changing the social media’s logo from the iconic blue bird to DOGE’s logo. This happened in the first week of April 2023, just before Twitter rebranded to X. The Dogecoin price had surged about 30% following that move.
The Dogecoin team also recently countered Michael Saylor after the MicroStrategy co-founder stated that “Bitcoin is Chess.” In an X post, the DOGE team replied, saying that “Bitcoin is Hungry Hungry Hippos.” This suggests that the BTC ecosystem is filled with Degens who are driven by frenzy and hype.
Recent Happenings In The Shiba Inu Ecosystem
Meanwhile, in the Shiba Inu ecosystem, SHIB’s burn rate has witnessed a 1,944% surge in the last twenty-four hours, with 17.5 million tokens burnt during this period. One transaction accounted for most of these token burns, with 16.6 million SHIB sent to a dead wallet. The burn rate has also surged over 70% in the last seven days, with 130.9 million coins burnt during this period.
This development is bullish for the Shiba Inu price, as its value could skyrocket as more SHIB tokens are burnt. SHIB’s price is currently on the decline along with the broader crypto market, but could quickly rebound as soon as the market picks up, thanks to the sustained momentum in the token burns.
Another recent development in the Shiba Inu ecosystem is the return of the Lead Developer, Shytoshi Kusama. SHIB’s marketing lead, Lucie, shared a Telegram message from Kusama on her X platform. In the message, Kusama suggested that he would continue to play an active role in Shiba Inu’s development, stating, “Next week, let’s go back to it, can we?”
Kusama also shared the first episode of his podcast, in which he discussed the Karma system, which is set to help boost transparency in the SHIB ecosystem.
Featured image from Pixabay, chart from Tradingview.com
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