Memecoin watch: Shiba Inu (SHIB) down -1% as rival Golden Inu (GOLDEN) rises +18%

Amidst a favorable day for memecoins, Shiba Inu (SHIB) displayed disappointing results.

Over the past 24 hours, the currency experienced a 1% decline in value. While mostly insignificant, this price action is rather disappointing due to how holders were anticipating the price of $SHIB to perform after the launch of Shibarium.

Over the past weeks, the team behind Shiba Inu took the step of reintroducing the Shibarium layer 2 network to the public. But despite this, SHIB’s price remained around $0.0000008.

The multiple failures regarding the launch of the layer-2 blockchain have left a lot of investors weary about the future of the project. Despite the company insuring investments up to $2 million, Shiba Inu’s wallet holdings just reached a year-low mark.

Troubled by the initial hiccups of Shibarium’s debut, token holders opted to shift their holdings.

According to recent blockchain reports, there has been a continuous decline in SHIB reserves since August 17, an occurrence not observed since early 2022.

In spite of the price maintaining relative stability, 1.8 trillion SHIB tokens ($14.5 million) were withdrawn between August 17 and 26, constituting over 10% of the weekly trades. This withdrawal surge could lead to a shortage in supply, impacting SHIB’s price dynamics.

Golden Inu Up 16%

While other memecoins are delivering underwhelming performances, Golden Inu (GOLDEN) ERC-20 token has recently experienced one of its most lucrative days to date.

The listing of the currency on prominent crypto-listing platforms has evidently ignited investor enthusiasm, resulting in an impressive 18% surge in its 24-hour trading performance.

Unquestionably, those are exciting times for GOLDEN holders. The crypto project is currently in the midst of launching its new play-to-earn game called “Golden Inuverse” which is expected to drive the price of the token even more forward.

Another aspect to confirm this market optimism is the recent introduction of the new token-burning portal that will allow everyone to closely track the burning rate of the token.

Notably, Golden Inu employs a distinct token-burning approach compared to most cryptocurrencies. Instead of relying solely on investors to voluntarily burn tokens, Golden Inu has implemented a smart contract that allocates 50% of all revenue generated by the project’s dApps to automatically repurchase tokens for subsequent burning.

This methodology is not only expected to give even more value to $GOLDEN but also to promote the use of the company’s applications.

In addition to that, the new set of security audits performed by the developers and its founder put weight on the idea that investing in Golden Inu is secure. Looking ahead, the alignment of Golden Inu’s pioneering initiatives, growing market enthusiasm, and fortified security measures create a promising trajectory for $GOLDEN’s future.