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Shibburn Analytics reported that the Shiba Inu (SHIB) community has set fire to almost four billion SHIB tokens in the previous week. At the same time, Solana (SOL) has been trying to counteract the market’s bearish tendencies. Against this backdrop, the forthcoming Big Eyes Coin (BIG) has revealed the introduction of its casino, which will offer more than 4,000 games to captivate its investors.
4 Billion SHIB Tokens Burned in a Week
Token burning is a crucial practice in the world of cryptocurrency where tokens are permanently removed from circulation. By reducing the circulating supply of a coin, token burning can help to increase its scarcity, which can drive up demand and, ultimately, its price. It is commonly used to manage inflation, maintain price stability, and increase the overall value of a cryptocurrency. Hence, token burning is an important tool that can benefit investors and crypto ecosystem projects.
Shiba Inu, the second-largest meme coin in the crypto industry, has been facing a bearish trend for the past few months, causing its native token SHIB to lose almost 20% of its value in the last 30 days. To combat this dip, the SHIB community has been burning tokens.
Meanwhile, Pepe coin, a newly-launched meme coin, has rapidly increased in value following its listing on Binance’s innovation pool on May 5th. As a result, it has secured the third spot as the largest meme coin, following Dogecoin and Shiba Inu. It has put Shiba Inu’s position in the market at risk, as SHIB battles to recover its former market position. Crypto analysts also predicted that Pepe coin could replace Shiba Inu if the latter continues to experience a price decline.
Therefore, to prevent further price decline, the Shib Army has been actively burning tokens, with more than 3 billion tokens burned in the last week, according to Shibburn, a website that tracks Shiba Inu’s burn rate.
Solana Fight Backs Bearish Trend
Solana is a high-performance blockchain designed for decentralized applications and crypto ecosystems. Launched in March 2020, it uses a unique proof-of-history consensus algorithm to achieve high transaction throughput and minimal fees.
Solana’s ecosystem includes various DeFi protocols, NFT marketplaces, and other DApps. It has gained popularity among developers due to its high scalability and fast processing speeds.
The native token of Solana is SOL, which has witnessed significant growth since its inception. However, the coin has recently experienced a downtrend, losing 72% of its value in the last year alone. Although the price of SOL has decreased by 6.5% in the past 7 days, its trading volume reached an impressive $480 million on May 8th, indicating a gain of 95.4%.
Currently, Solana’s bearish market shows a flag pattern, which typically indicates a continuation of the current trendline. Interested traders should look out for a resistance trendline breakout, which would shift market sentiment, increase buying pressure, and potentially cause a rise in the value of SOL.
Big Eyes Coin Becomes Inevitable
As Solana and Shiba Inu continue their efforts to stay afloat, a new player has emerged in the cryptocurrency market with exciting investment prospects.
Big Eyes Coin is a new crypto project that has been in the presale stage since August 2022, featuring its native currency BIG. In 9 months, the BIG presale has reached 13 stages and raised over $35 million, making it a promising investment option for crypto enthusiasts.
Currently priced at $0.00053 per token, the Big team is ramping up promotion efforts ahead of the presale’s end on June 3. Notably, the project has released Loot Boxes, containing BIG tokens valued at up to $1 million, along with a 300% bonus for those who purchase both loot boxes and BIG tokens using the promo code END300.
The project team has also announced the launch date for BIG tokens, set for June 15 on the Uniswap platform. To further pique investors’ interest, the BIG team is preparing to launch a new casino boasting over 4,000 games and exclusive P2E games, providing an opportunity to earn while playing.
Since only BIG token holders will be able to access the gaming and betting services on the platform, the demand and value of the token are expected to soar after its launch.
As a decentralized platform, Big Eyes Coin puts the community first and prioritizes security and privacy. So, Don’t miss your chance to join the ranks of savvy investors and benefit from the END300 code before the presale comes to a close.
Find out more about Big Eyes Coin (BIG):
Disclaimer: This content is not a part of NFTgators’ editorial content and is not an investment advice. Do your due diligence before making any decision.