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In the cryptocurrency world, token burning is known as an effective mechanism to control inflation and increase token value. Recently, we have been witnessing the news of the burning of the Shiba Inu token.
The community and developers have actively increased the burn rate to strengthen the market position. The expectation is that by reducing the total supply of SHIB, demand will increase, which will lead to an increase in price.
According to the data of the Shibburn platform, nearly 131 million SHIB tokens were burned in the last seven days. The total number of SHIB tokens burned to date is 410 trillion. So will these burns seriously affect the price of the token?
The burning of SHIB tokens was a metric that affected both sentiment and price dynamics. As the community continues to actively manage the token supply, it seems likely that these burn rates will continue to be a focus for SHIB investors and enthusiasts.
However, there are also things to pay attention to. While accelerated token destruction attempts to increase SHIB value, reduced transaction volume may render these efforts ineffective. This can make significant price increases an uphill battle.
Some analysts are quite optimistic about SHIB. They note that the Shiba Inu token demonstrates resilience by demonstrating its ability to defy historical trends. They expect the price of the Shiba Inu to rise as high as $0.000030 in the bull market in 2024. Today Shiba Inu price is around $0.00000830.
Skeptics claim that SHIB has already proven unpredictable this November. As we approach the end of 2023, SHIB investors continue to look for alternative coins. At this point, among the coins that will enter 2024 ambitiously are Bitcoin ETF token, Bitcoin Minetrix and Meme Kombat. Let’s examine the details of these projects together.
Bitcoin ETF Token (BTCETF)
The possibility of the long-awaited spot Bitcoin exchange-traded fund (ETF) coming to the USA increased the excitement of investors. Amid the excitement, a new crypto project called Bitcoin ETF Token (BTCETF) has been launched that could allow investors to speculate on the market impacts of ETF approval.
There are three main mechanisms in the project: staking, burning and news. The staking mechanism currently offers 140 percent APY, but this will decrease as the staking pool grows. Therefore, investors who want to buy Bitcoin ETF tokens should act quickly.
The burn mechanism aims to increase the scarcity and long-term price potential of the token. The team allocated 25 percent of the tokens to be burned in line with five key Bitcoin ETF milestones. It also includes a 5 percent burn tax on transactions. Thus BTCETF becomes deflationary.
The project offers a news feed that updates its community on the latest Bitcoin events. This can encourage community participation, especially when there is breaking news surrounding Bitcoin ETFs.
All these features make the Bitcoin ETF token one of the most notable coins recently. With its price of $0.0058, BTCETF token enters 2024 ambitiously.
Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix is a brand new project that aims to provide everyday crypto users with the ability to mine Bitcoin. It offers a cloud mining service that solves many previous security issues through the transparent and decentralized BTCMTX token.
Bitcoin Minetrix aims to make participation in Bitcoin mining both easier and more democratic with its innovative “Stake-to-Mine” mechanism. Native token BTCMTX can be staked in exchange for non-transferable cloud mining credits. The purpose of cloud mining credits is to be used in exchange for the hash power required for the first Bitcoin mining.
This removes the most significant barriers to entry into Bitcoin mining, bringing the industry closer to mass adoption. To mine on the platform, investors need to make a single expense: purchasing Bitcoin Minetrix tokens.
Early investors can purchase BTCMTX tokens for just $0.0118 through the ongoing presale. This project, which wants to reward its investors through Minedrop, may be talked about a lot with the impact of the Bitcoin halving in 2024.
Meme Kombat (MK)
Meme Kombat’s native token, MK, managed to raise $2.5 million in funding in just over a month. Meme Kombat aims to raise $10 million in pre-sales. Half of the 120 million total token supply is offered to investors who want to purchase Meme Kombat tokens in the pre-sale.
Meme Kombat investors can stake their tokens starting from the pre-sale. The MK staking pool of the project, which immediately starts the opportunity to generate passive income, offers an APY of 422 percent. According to the official website of the project, the rate of MK staked so far is 68 percent.
The interesting aspects of the project are not only limited to the staking mechanism. This play-to-win platform features the fight between the best meme coins where players can bet on their favorite champions.
In the first season on the platform, there are 11 characters such as Doge, Shiba, Pepe and Floki. As the seasons continue, the number of characters entering may increase. Artificial intelligence is used to determine the outcome of wars fairly. Artificial intelligence will randomly assign characters for battles.
Its pre-sale continues at a price of just $0.214 and the price increase is just around the corner. According to most analysts, MK will be one of the most notable coins next year.
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