Our column dedicated to the analysis of the value of the crypto world and its most important projects continues: today we will talk about Dogecoin (DOGE), Shiba Inu (SHIB) and Cardano (ADA).
Value and market statistics of Dogecoin (DOGE), Shiba Inu (SHIB) and Cardano (ADA)
Let’s start by analyzing the value of Dogecoin: the world’s most popular meme coin has remained fairly stable with regard to the last week, losing only 0.81%.
In the last 24 hours, however, it seems to be trending positively; its price has increased by 2% and is currently at $0.726.
Market statistics see Dogecoin with a market capitalization of $10.1 billion, with a daily volume in the last 24 hours of $188.7 million.
The circulating supply is very large and sees as many as 139.4 billion DOGE, with an average holding time of 117 days.
SHIB has also remained fairly stable, although in the last week it has unbalanced a bit more than DOGE, losing nearly 3% of its value.
The current value of the Shiba Inu meme coin is $0.00000877.
As for market statistics, the capitalization is $5.2 billion, with a trading volume in the last 24 hours of $88.5 million.
The circulating supply is even larger than that of Dogecoin and has 589.5 trillion SHIB, with an average holding time of 250 days.
We can say that Cardano has seen worse weeks, ADA also remained very stable in the last week, gaining 1.5% in value, currently its price is $0.37.
As for its market statistics, ADA has a capitalization of $12.9 billion, with a 24-hour trading volume of $184,9 million.
The circulating supply sees 34.9 billion ADA, with an average holding time of 203 days.
We continue our article by providing the latest news related to the mentioned projects.
Dogecoin’s daily transactions reach all-time high, surpassing Bitcoin and Litecoin
In an unexpected turn of events, Dogecoin (DOGE) has achieved a significant milestone, reaching an all-time high in daily transactions and surpassing the transaction volumes of Bitcoin (BTC) and Litecoin (LTC).
The meme-inspired cryptocurrency has experienced a remarkable surge in transaction activity, with the incredible figure of 650,000 transactions per day. This surge can be attributed to the growing trend of cramming tokens and assets onto the Dogecoin network.
Dogecoin, initially created as a carefree and fun cryptocurrency, has captured the attention of the crypto community and not only because of its charismatic Shiba Inu dog mascot and widespread use in charitable initiatives.
The recent surge in transactions highlights its growing usefulness as a medium of exchange and its robustness as a blockchain network.
The surge in daily transactions on the Dogecoin network is closely linked to the trend of cramming tokens and assets onto its blockchain.
This practice involves using Dogecoin’s blockchain for purposes other than the native DOGE cryptocurrency, such as issuing tokens, conducting decentralized finance (DeFi) activities, and hosting non-fungible tokens (NFTs).
By leveraging the capabilities of the Dogecoin blockchain, developers and users are exploring new possibilities and expanding the functionality of the platform.
One of the key factors contributing to Dogecoin’s attractiveness for token cramming is its low transaction fees.
Compared to Bitcoin and Litecoin, Dogecoin’s transaction fees are significantly lower, making it an attractive option for individuals and projects looking to leverage blockchain technology without incurring exorbitant costs.
The lower fees facilitate the smooth flow of transactions and allow for more activity on the network, ultimately leading to record-breaking daily transaction volume.
Another factor that has led to Dogecoin’s increased transaction activity is strong community support.
The Dogecoin community, known for its enthusiastic and passionate members, has embraced the trend of cramming tokens and assets onto the network.
They actively participate in various projects, including creating decentralized applications (dApps) and issuing unique tokens and NFTs.
This community-driven growth has contributed significantly to the increase in daily transactions as Dogecoin enthusiasts continue to explore and expand the network’s capabilities.
Despite its origins as a meme-based cryptocurrency, Dogecoin’s increase in daily transactions demonstrates its potential as a versatile blockchain platform.
While, Bitcoin and Litecoin remain dominant in terms of market capitalization and adoption, Dogecoin’s recent success highlights its ability to handle an increasing number of transactions and serve as an alternative platform for token issuance and decentralized activities.
However, it is important to note that the increase in daily transactions does not necessarily translate into long-term sustainability or appreciation in the value of DOGE. As with any other investment, investors should be cautious and conduct thorough research before making any financial decisions.
In conclusion, Dogecoin reached an all-time high in daily transactions, surpassing Bitcoin and Litecoin. The surge in transaction activity can be attributed to the trend of cramming tokens and assets onto the Dogecoin network.
With low transaction fees and community support, Dogecoin’s blockchain has become an attractive platform for various projects and activities.
Although this milestone demonstrates Dogecoin’s potential as a versatile blockchain network, investors should approach the cryptocurrency market with caution and make informed decisions based on thorough research and understanding the risks involved.
SHIB’s burning rate has increased by more than 26,000% in the past 24 hours
Shiba Inu (SHIB), the world’s second largest memecoin, has experienced an impressive surge in its burn rate.
According to data provided by Shibburn, a platform that tracks token burning activity, SHIB’s burning rate has skyrocketed by more than 26,000% in the past 24 hours.
This sudden surge has caught the attention of investors and cryptocurrency enthusiasts around the world.
In the span of a single day, a total of 3,034,309,519 SHIB tokens were burned through two major transactions.
This massive burn rate has far-reaching implications for the circulating supply of SHIB and the overall dynamics of the cryptocurrency market.
The burn rate refers to the process of removing tokens from circulation by sending them to an unrecoverable address, effectively reducing the total cryptocurrency supply.
Token burning is a popular method employed by many blockchain projects to increase scarcity and potentially increase the value of tokens remaining in circulation.
The surge in SHIB burning rates can be attributed to a number of factors. First, the SHIB community has been actively involved in promoting and encouraging burning activities.
This includes initiatives such as “Shiboshis,” in which participants voluntarily burn their tokens as a sign of support for the project.
The soaring burn rate indicates a high level of token destruction, which could potentially lead to greater scarcity.
In turn, this could have a positive impact on SHIB value and market sentiment. However, it is important to note that cryptocurrency markets are highly volatile and subject to rapid fluctuations.
This development will cautiously consider the overall sustainability and utility of SHIB before making any investment decision.