SHIB Burn Rate Soars as Dogecoin Rebounds; GFOX Presale Surpasses $1.5 Million With Ease

Grayscale CEO Michael Sonnenshein recently speculated that the coming Bitcoin (BTC) Spot ETF could bring $30 trillion into the market. Although this would likely have an outsized price effect, the anticipation that the top ten cryptocurrencies will benefit most may possibly be overlooking something.

On-chain analysis shows a potentially far more widespread market rally, spilling over into higher-risk memecoins, which could see an even bigger impact than BTC.

On that note, Shiba Inu (SHIB) has seen an uptick in price recently thanks to its soaring burn rate, and Dogecoin (DOGE) has also rebounded, while smaller cap tokens like Galaxy Fox (GFOX) are gaining serious momentum, with a presale now nearing $2 Million. All the on-chain data points to increased speculation for memecoins, and more specifically, on small cap projects.

Galaxy Fox (GFOX): Could It Outperform DOGE & SHIB?

Galaxy Fox is a relatively new entrant to the memecoin space. Its novel approach of combining two verticals, memecoins and play-to-earn, has proven popular, judged by its early success in fundraising. This hybrid introduces its Web3 runner game as an onboarding channel into the broader ecosystem. Galaxy Fox’s divergence from the typical P2E model comes from its introduction of more egalitarian earning possibilities.

Staking rewards allow every GFOX token holder to earn instead of relegating earning potential to the most skilled players. Another highly notable aspect of this project is the use of buy and sell taxes throughout the ecosystem.

Each transaction is subject to a 6% tax, with 2% directed to Stargate, 2% to the Liquidity Pool, and 2% to the Treasury. Stargate pays rewards to stakers. Using taxes instead of token emissions leads to investors earning yield on a deflationary asset, no long-term inflationary fears for early investors, and no theoretical cap on rewards for stakers. A straightforward residual income play and great crypto for beginners.

Funding the liquidity pool ensures a seamless trading experience that encourages more activity, which leads to increased revenue for the protocol. The implementation of Treasury funding also enables the protocol to take a proactive approach to growth.

Shiba Inu (SHIB) Burn Rate Climbing

Shiba Inu’s burn rate has started climbing once more, and could this be the path for this token’s return to greatness? $SHIB was one of the best cryptocurrencies to buy early in 2021; many even believed it would become one of the top ten cryptocurrencies.

However, the new wave of memecoins with tiny market caps capable of making obscene rallies has pulled attention and capital from Shiba Inu. Memecoin investors want high-octane, high-stakes plays, and Shiba Inu can no longer provide this due to its large market cap.

The most recent burn is certainly a step in the right direction, and this deflationary pressure does accrue value for token holders – but the question still remains whether it’s enough to address $SHIB’s oversupply issues.

Dogecoin (DOGE) Healthy Rebound

Dogecoin has made a healthy rebound, and the “king thesis” has come into effect. In crypto, the prevalence of forks/ imitation leads to a status quo. Once an idea has proven popular, hundreds of other developers will deploy it with slight variations and on different chains.

This fragments capital and introduces a game of musical chairs for liquidity. But the end result is always the same. The king performs best over a longer time horizon.

Small Caps Are Big with Investors

In a bull market, small caps tend to perform well, and heading into 2024 with the Spot ETF followed by the halving against the backdrop of rate cuts, things could get interesting for small cap memecoins.

Market sentiment is creating favorable conditions for smaller cap projects. Thus the BTC ETF might play out differently than analysts anticipate, benefitting smaller cap projects and memecoins over some of the more obvious choices. In either case, 2024 is sure to be an interesting year for crypto.

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