Dogecoin Leads Meme Coin Market, SHIB Maintains High Social Activity, Shibarium Fork Implements New Burn Features

New data reveals that Dogecoin has surpassed Shiba Inu and other meme coins in social media activity, reaffirming its dominance in this key metric

Fresh data has surfaced, indicating that Dogecoin has maintained its leading position in terms of social media activity among meme coins, outpacing Shiba Inu and other contenders in this crucial metric, a recent report reveals.

Dogecoin Dominates Meme Coin Market

Relative to other meme coins, Dogecoin continues to lead the market in key aspects, according to newly released statistics.

One crucial indicator is the engagement of the dedicated DOGE community across different social media sites, where it consistently outperforms others, U.Today shares. In this ranking, SHIB is once again listed as the second-place contender, following Dogecoin.

SHIB Maintains High Social Activity

A schematic was released on Friday by the official Shiba Inu marketing lead, who goes by the name Lucie. It suggests that SHIB is once again the meme cryptocurrency with the second-highest level of social activity. DOGE remains unrivaled in the market.

According to a well-known Shibburn blockchain tracker, the SHIB community has been sending Shiba Inu meme currencies to offline wallets for the past 24 hours. Their level of exercise, however, proved insufficient to maintain a daily burn rate within the acceptable range.

SHIB Burn Rate Drops Significantly

A total of 4,800,831 SHIB in meme coins were burned during the last 24 hours, and the burn rate reading indicates a negative 83.19%.

Shibburn's seven discoveries thus far show nearly 5 million SHIB being sent to addresses on the blockchain that cannot be spent. The two most recent discoveries, with 1,474,062 and 1,023,604 Shiba Inus, respectively, removed the largest amounts of SHIB from circulation.

Shibarium Fork Implements New Burn Features

The SHIB team has recently implemented a hard fork on Shibarium, introducing a new burn mechanism. This feature allows BONE tokens that are automatically converted into SHIB and used as gas fees on Shibarium to be burned.

On Friday, Lucie also shared an update on the SHIB team's evaluation process for projects to determine their support and collaboration.

Their liquidity, or the value they add to the Shibarium chain, is the most important consideration, according to the tweet. The next step is to honor the Shiba Inu name and reputation, followed by burning or using SHIB tokens in decentralized applications to boost adoption.

"Promote themselves positively and share accurate information while respecting the canine code of conduct," another crucial aspect to consider. This also applies to any new initiatives. Another important note is to avoid creating "trash coins,” Lucie adds.

Community Frustration Over Trash Coins

She also mentioned that "many are frustrated by new 'trash coins' that exploit our community," suggesting that projects using those assets will not be welcomed on Shibarium.

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