US politician David Gokhshtein immediately changed course when a new meme coin emerged that eclipsed SHIB and Dogecoin…
David Gokhshtein announces moving SHIB positions to this coin
The known crypto phenomenon, which has been backed by XRP, LUNA, SHIB, and DOGE for a while, is on the hunt for new prey in the market. In his most recent tweets, the meme highlighted a mysterious shift in the coin market. He stated that the Shiba Inu positions are currently being exchanged for Pepe Coin (PEPE).
Looking at the data, people have been swapping their $SHIB positions into $PEPE.
Don’t @ me — just look at the chain.
— David Gokhshtein (@davidgokhshtein) May 2, 2023
As quoted by Kriptokoin.com, PEPE has been rallying since its launch in mid-April. Gokhshtein’s change of mind was probably due to Pepe’s trading volume outpacing Shiba many times over. Pepe’s 24-hour trading volume is 2x superior to Shiba Inu, according to CoinGecko data.
According to Nansen, 3,350 wallets currently hold both SHIB and PEPE. Nansen first reported on “Wintermute 0x2800,” a particular major beneficiary that received 1.2 billion SHIB on February 23 with a balance of 15.2 billion. The same whale first received 46.5 billion PEPE on April 20 and now has a balance of 81.6 billion.
Will the Pepe Coin rally continue?
On April 18, 2023, PEPE debuted at $0.000000064982. At its current price of $0.00000120, PEPE has rallied thousands of percent since its inception. However, there is no guarantee that the PEPE coin price will continue to rise. On the one hand, the official website of PEPE emphasizes that this should not be considered an investment opportunity. He also claims that the coin was designed as a humorous meme coin only.
Shiba Inu (SHIB) is falling out of favor: Token burn rate crashed!
According to Shibburn’s recent report, SHIB burning has dropped by more than 50% in the last 24 hours. Coincidentally adding a zero on Monday, the price of the Shiba Inu has yet to recover from the previous level.
According to Shibburn data, a total of 7,261,876 SHIBs, which currently make up 574,121,672,559,034 SHIBs, were sent to dead-end wallets to be excluded from the circulating supply. Likewise, the burning rate decreased by 52%.
Compared to the previous week and even Monday, the burning rate of the Shiba Inu is decreasing. In the past week, it has jumped more than 1,000% several times. The token burning efforts are largely due to Shibarium, the developments here are quite significant…
How’s the shibarium?
The Shibarium beta phase of Puppynet started on March 11. Soon after, Shiba developers published Shibarium documentation, where they explained the token burning mechanism they will implement in Shibarium. According to the documentation, every transaction in the testnet will contribute to SHIB burns.
This fee is divided into two as the base fee and the priority fee. Seventy percent of the base fare will then be locked in the Shibarium to be converted into SHIB and incinerated. However, the data provided by Puppyscan shows that the transaction volume has not been high during the past week. The peak of 473,704 transfers occurred on April 20. Since then, the number of daily SHIB transactions has rarely exceeded 20,000.
Meanwhile, Shiba’s Twitter account has exceeded 3 million followers, as we quoted as Kriptokoin.com. Meanwhile, the number of SHIB holders rose to 2,373,725, or 900,000.
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