There are many arguments about what will help the price of Dogecoin (DOGE). Again in a Twitter discussion for this, the issue of burning DOGE came up, as did the coin’s main competitor, Shiba Inu (SHIB). Here are the details…
Dogecoin investors were hopeful about the coin burn
The largest meme coin DOGE broke a record last year, approaching almost $1. But it has since lost over 80 percent. Therefore, investors are considering factors that could push DOGE’s price back to those levels. The first of these is coin burning. cryptocoin.com As we reported, coin burning has become popular especially after the second largest meme coin SHIB. The possibility of embedding such a mechanism in Dogecoin was previously discussed and the idea was rejected.
everyone burn all their coins
— Shibetoshi Nakamoto (@BillyM2k) August 7, 2022
However, one of the discussion participants directly asked Dogecoin co-founder Billy Markus what the decision was to burn DOGE. Markus, too, answered the question. Marcus stated that everyone burned all their coins first and then DOGE would “go to the moon.” Of course, the Dogecoin co-founder said it jokingly, as he is known for his ironic and perhaps even sarcastic remarks when it comes to online debates about who is wrong.
moon
— Shibetoshi Nakamoto (@BillyM2k) August 7, 2022
DOGE does not follow SHIB
It looks like Billy Markus thinks DOGE won’t follow SHIB’s example. Once again, it was clear that the project team did not think about a burning mechanism. So, does DOGE really need to burn? At the same time, by looking at the example of the Shiba Inu, it will be possible to say that burning is not really a panacea. If we believe the data from the Shibburn portal, a total of 750 million SHIBs were burned over the past week. This is a low amount considering the multi-trillion dollar token supply.
By contrast, the total number of DOGEs available is 132,672 billion, while all SHIBs are just under 550 trillion. Meanwhile, Dogecoin’s market cap is $3 billion higher than Shiba Inu. Of course, with so many tokens, it’s still hard to imagine that DOGE would be worth $1. Because this means a market value of 130 billion dollars. Still, the crypto world remembers that the coin reached a record high of $0.73 about a year and a half ago. While there are no plans to burn DOGE yet, it would be interesting to see what Dogecoin developers can do in the next bull market.
Meanwhile, DOGE is changing hands at $0.07, up 0.2 percent at the time of writing. DOGE ranks 11th with a market capitalization of $9.4 billion. SHIB is in 14th place. DOGE also experienced a growth of 3.5 percent in the last 7 days.
