With Shiba Inu tokens, SHIB, worth about $800,000, being burned in 2023, the meme coin expects an uptrend amidst the ongoing altcoin rally, which may have Monero (XMR) and Borroe Finance ($ROE) as the spearheaders.
Shiba Inu Burned 8.33% Less Tokens in 2023 Compared to 2022
Shiba Inu, one of the popular meme coin projects, witnessed 76,403,022,296 SHIB tokens incinerated last year. However, this large number of burned tokens is 8.33% less than the number burned the prior year and represents a small chunk of the meme coin’s tremendous circulating supply of almost 590 trillion.
Token burn strategies are often employed to reduce the supply of circulating tokens to make them more scarce and potentially valuable over time. This goal is also true for SHIB.
With observers’ eyes on Shiba Inu’s Layer-2 blockchain solution, Shibarium, which is expected to cause price appreciation of SHIB, it is hoped that the token burn will add to the mix and move the price of SHIB higher. As of this writing, SHIB sold for $0.000009244 and was down 3.0% on the 7-day chart.
Aside from this reduction of circulating SHIB and the known memetic market sentiments that tend to drive the prices of meme coins, another factor that might positively affect SHIB prices is the rally of other altcoins like privacy-oriented XMR and AI-powered $ROE.
Monero Amidst Risks of Delisting from Binance
Following a flagging of several privacy coins, including Monero, by Binance, talks of possible delisting filtered through the crypto news space. This might have caused the 7.6% price decline in Monero in the last 7 days.
XRM is recognized as a privacy coin for anonymous payments. It uses a blockchain with privacy-enhancing technologies that obscure transactions and help users achieve anonymity. Despite the conversations about the ethical effects of this cryptocurrency, it provides many with a balance of security, privacy, and convenience.
Many users use XRM as a decentralized digital currency to control their funds and achieve private, secure, untraceable transfers.
With the ongoing rally, XMR sold for $147.27 as of this writing, up 1% in 24 hours.
Borroe Finance as a Funding Option for Web3 Creators
The altcoin rally didn’t end with listed cryptocurrencies, as the ongoing budding success of Borroe Finance and its token – $ROE– proves.
$ROE is the native token of Borroe Finance, a project that presents a platform for Web3 creators to raise funds with an instant funding model and stay in control of the ownership of their businesses.
Web3 businesses get to mint NFTs, representing future earnings and income like subscriptions, and sell these tokens at discounted prices on the Borroe marketplace. In the marketplace will be Web3 investors ready to invest in businesses they believe in. The AI-powered ecosystem ensures that associated risks are assessed and managed to protect both sides. But this is not the only security measure that encouraged investors to add $ROE as one of the altcoins in their portfolio.
The project team members, including Michael Price and Maxim Prishchepo, are reputable experts in Blockchain and AI, Finance and Payments, and fintech development. Also, with BlockAudit’s approval of the smart contract in the form of the completed audit, the project has earned its place on the path of viral token launches.
$ROE is currently in Stage 4 of its presale and has completed over 81% of this stage in less than 48 hours. Selling now for $0.019, the next stage will take the price to $0.02. So far, without being one of those popular hype-driven coin offerings, the project presale has raised over $2.5 million and will end the presale phase at the eighth stage, selling for $0.04.
Learn more about Borroe Finance ($ROE) here: