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Cryptocurrencies have witnessed price volatility and intensified competition in the market. To address these challenges, blockchain projects have adopted two approaches: buybacks and token burns. While both serve the purpose of stimulating prices and controlling token supply, they differ in their mechanisms and goals. A crypto buyback involves companies purchasing their tokens from the market and destroying them, reducing the total circulating supply and positively impacting token prices. Token holders benefit from increased token value. The recent Shiba Inu (SHIB) token burn, which caused a 1600% spike, has had ripple effects on other meme coins like Dogecoin (DOGE) and Big Eyes Coin (BIG).
The burn rate of Shiba Inu (SHIB) has experienced a significant surge, witnessing a remarkable 1,619% increase compared to the previous day’s unusually low figures. Over the last 24 hours at the time of writing, around 330 million SHIB tokens underwent a permanent removal from circulation through the burning process, leading to a reduction in the total supply. This increase in the burn rate of Shiba Inu has a favourable effect on its price by instilling scarcity through a decrease in the token’s supply. Assuming the demand for SHIB remains steady or grows, there is a high probability that the token’s price will experience an appreciation.
This development aligns with promising price movements for Shiba Inu, currently trading at $0.000008 and successfully reaching the 50 exponential moving average (EMA), a widely used indicator for trend direction determination.
The impressive burn rate and subsequent price response showcase the proactive measures undertaken by the Shiba Inu community to control token supply and indirectly influence its price. The burn strategy aims to create a deflationary effect, countering the inflationary pressure caused by the token’s large initial supply.
Dogecoin (DOGE) has faced significant challenges in recent weeks, struggling to break higher and experiencing a prolonged downtrend. However, the current price action suggests that DOGE is tightening within a range, creating anticipation among investors for a bullish breakout. A successful breakout above the resistance level would indicate a significant upward movement for Dogecoin. In such a scenario, DOGE could target the liquidity resting above the equal highs at $0.0721.
Continued bullish momentum could potentially drive Dogecoin price towards the next hurdle at $0.0814. This move would represent a gain of 20% from the current position of $0.0673.
Investors who are interested in Dogecoin should also keep a close eye on the support level at $0.0631. In the event of a retracement before attempting a breakout, this support level could present a good buying opportunity for DOGE.
Experience the groundbreaking world of Big Eyes Coin (BIG), a revolutionary cryptocurrency that has recently made its mark in the market. This unique meme coin stands apart with its mission to shift wealth into the decentralised finance (DeFi) ecosystem while also promoting environmental preservation. Let’s explore its impressive features and the excitement surrounding its upcoming product launch.
Big Eyes Coin has harnessed the potential of non-fungible tokens (NFTs) to create a blockchain ecosystem that fosters rapid growth. This token, driven by a vibrant community, not only generates wealth for its members but also contributes to charitable causes. The endearing tale of Big Eyes, a cat with large eyes embarking on a journey to save the oceans, adds a captivating and relatable touch to the project’s vision.
Mark your calendars for August 29, 2023, as the launch of the highly anticipated Big Eyes Coin Casino draws near. This event promises to captivate the attention of enthusiastic gamblers and crypto aficionados worldwide. With a vast selection of over 4,000 casino games, including a plethora of play-to-earn options, players will be presented with numerous opportunities to win and accumulate $BIG, the network’s preferred currency. The exclusivity of Big Eyes Coin as the sole accepted currency within the casino will undoubtedly boost trading volume and lead to the creation of more Big Eyes Coin Space accounts.
As the play-to-earn trend gains momentum in the crypto space, Big Eyes Coin emerges as a prominent player, providing a platform that combines entertainment and financial opportunities. The ability to earn valuable rewards simply by participating in casino games adds an exciting element to the overall experience. Players can immerse themselves in a world of thrilling gameplay while also reaping the benefits of their skills and involvement.
While the substantial increase in Shiba Inu’s burn rate has generated optimism in the market, Meme Coins like Dogecoin are also coming out of the downward trend and expecting a bullish sentiment soon. The new Big Eyes Coin also seeks to reach its full potential with the launch of the NFTs and Casino. The coming months are going to bring a bullish wave for the meme coins it seems.
Telegram: Telegram: Contact @BIGEYESOFFICIAL
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Disclaimer: Any financial and crypto market information given on Analytics Insight is written for informational purpose only and is not an investment advice. Conduct your own research by contacting financial experts before making any investment decisions, more information here.