Exploring the Latest Developments in the Dogecoin and Shiba Inu Ecosystems
Amidst the recent fluctuations in the cryptocurrency market, several noteworthy advancements have emerged within the Dogecoin and Shiba Inu ecosystems. These developments point towards a promising future for these prominent meme coins.
Exciting Advancements in the Dogecoin Ecosystem
The Dogecoin ecosystem has recently experienced significant progress. One of the major highlights is the launch of 21Shares’ Dogecoin Exchange Traded Product (ETP) in collaboration with the House of Doge, the official corporate division of the Dogecoin Foundation. This marks the first fund officially endorsed by the House of Doge. The ETP is set to debut on the SIX Swiss Exchange in Europe, signaling a new era for Dogecoin enthusiasts.
Advertisement Banner
In addition to the European launch, 21Shares has submitted a filing for a Dogecoin Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). This makes them the third company to take such a step, following in the footsteps of Grayscale and Bitwise. The collaboration with the House of Doge will extend to marketing efforts for the DOGE ETF.
Another exciting milestone for the Dogecoin community was the second anniversary of Elon Musk and the X team’s temporary alteration of a social media platform’s logo from the iconic blue bird to the DOGE emblem. This momentous event occurred in early April 2023, just before Twitter’s rebranding to X, causing Dogecoin’s price to surge by approximately 30%.
Furthermore, the Dogecoin team recently engaged in a playful exchange with Michael Saylor, co-founder of MicroStrategy, after he remarked that “Bitcoin is Chess.” The Dogecoin team humorously responded by stating that “Bitcoin is Hungry Hungry Hippos,” implying that the Bitcoin ecosystem is often driven by excitement and speculation.
Key Developments in the Shiba Inu Ecosystem
Turning our attention to the Shiba Inu ecosystem, we find impressive developments as well. The burn rate of SHIB tokens has skyrocketed by an astonishing 1,944% over the last 24 hours, with a total of 17.5 million tokens being removed from circulation during this period. Notably, a single transaction was responsible for burning 16.6 million SHIB tokens.
Over the past week, the burn rate has surged by over 70%, with 130.9 million SHIB tokens being permanently removed from the market. This significant reduction in supply is expected to positively impact Shiba Inu’s price, potentially leading to substantial gains once the broader cryptocurrency market rebounds.
Another noteworthy event in the Shiba Inu ecosystem is the return of the Lead Developer, Shytoshi Kusama. SHIB’s marketing lead, Lucie, recently shared a Telegram message from Kusama on her X platform. In this message, Kusama expressed his commitment to actively participate in the development of Shiba Inu, stating, “Next week, let’s go back to it, can we?”
Kusama also introduced the first episode of his podcast, where he delves into the Karma system, an initiative aimed at enhancing transparency within the SHIB ecosystem.
Our Editorial Commitment
At Bitcoinist, our editorial process is dedicated to providing well-researched, accurate, and impartial content. We adhere to rigorous sourcing standards, and each article undergoes meticulous review by a team of leading technology experts and experienced editors. This commitment ensures the integrity, relevance, and value of our content for our readers.
