Shiba Inu embarked on a token-burning spree at the beginning of the year. The aim was simple: reduce the supply of $SHIB and increase its value. However, this didn’t cause as significant a price increase as expected, leaving some wondering if the entry of newer coins like Galaxy Fox is stealing its thunder.
Galaxy Fox is making its mark with some analysts describing it as the best upcoming ICO because of its utility and potential for high returns. Is $GFOX taking the spotlight from $SHIB? Let’s break it down.
SHIB token burn fails to inspire major price increase
2024 started with the crypto community buzzing with enthusiasm about Shiba Inu’s initiative to burn its tokens. The $SHIB team, in tandem with the community, engaged in burning sessions using fees from the Ethereum Layer 2 network Shibarium. However, recent data suggests that the fervour has dwindled.
Recently, a mere two burn transactions were recorded by the Shibburn tracking website. A meagre 2 million $SHIB coins were burned, equating to approximately $19. This figure is consistent with the previous day’s burn, signalling a mere 1.93% variation. The weekly chart reveals a 38% decline in the burn rate, with only 64.85 million tokens, valued at around $611, being incinerated.
The reluctance to burn tokens could be attributed to the anticipated bullish market. As the crypto market gears up for an explosive run, holders may be withholding their $SHIB coins, anticipating a substantial appreciation in value during this period. The value of $SHIB failed to increase significantly after the token burns, but it’s now on a bullish path, having recently “burned a zero” from its value.
Galaxy Fox emerging as a strong contender
Galaxy Fox is gaining recognition, with some believing it could displace top meme coins with its real utility and a focus on building long-term value.
While Shiba Inu gained popularity through social media buzz, $GFOX is playing a diverse game. Built on a robust blockchain infrastructure prioritizing security, speed, and low fees, $GFOX is positioning itself as a tech-savvy alternative for investors seeking substance over spectacle.
Unique features driving $GFOX’s appeal
Galaxy Fox offers tangible features that attract modern investors. With secure transaction mechanisms and a commitment to sustainability, $GFOX is more than just a meme coin &- it’s a crypto with a purpose. The play-to-earn (P2E) game integrated into the ecosystem provides users with both entertainment and additional avenues to earn $GFOX tokens. Throw the coolest NFT assets into the mix, and you’ve got a crypto project that’s thinking outside the proverbial box.
As of now, Galaxy Fox is in Stage 8 of its presale, with $GFOX priced at $0.002178. The project has successfully raised over $3.7 million, with more than 2.8 billion tokens already in the hands of early investors. The momentum is building, and the upcoming stage brings with it a token price of $0.002376.
Even without comparing its current price to other tokens in the market, $GFOX stands out as a promising investment. This is particularly true for those who are just entering the crypto space, and looking for the best affordable crypto to add to their portfolios.
Conclusion
While Shiba Inu experiences a slowdown in token burns, Galaxy Fox is seizing the opportunity to redefine the crypto narrative.
As the crypto community navigates the ever-evolving market, it’s essential to keep an eye on projects that go beyond the hype. Galaxy Fox is not just stealing $SHIB’s thunder; it’s carving out its own path to success. If you’re seeking the crypto that could deliver substantial returns in 2024, Galaxy Fox is a name worth exploring.
Ready to dive into the Galaxy Fox universe? Visit the Galaxy Fox website or join the community on Telegram.&
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
&
The post SHIB token burn fails to inspire major price move; is GFOX stealing SHIB’s thunder? appeared first on CoinJournal.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments