Good Day For Memes: Dogecoin and Shiba Inu Record Gains
Dogecoin and Shiba Inu both saw slight improvement in their value as price of memecoins react positively. Meanwhile, Coinbase Commerce no longer support Dogecoin and other UTXO tokens.
Uno…
Dogecoin rose almost 5% today, continuing a positive week for the memecoin. The gains happened despite Coinbase's decision to remove the token from its payment service.
According to CoinMarketCap, DOGE has increased almost 10% over the last seven days. The memecoin is currently worth $0.0896.
Meanwhile, its counterpart SHIB also saw a slight gain of almost 2% today after the weekend announcements about burn allocation.
Coinbase Removes DOGE
The performance of DOGE today is quite surprising, given Coinbase's decision to remove the coin from its payment service. This decision affected all UTXO tokens, including Bitcoin and Litecoin.
Coinbase Commerce product lead Lauren Dowling disclosed this on X, formerly Twitter. She described it as a difficult but necessary decision due to the limitations of the UTXO assets and their lack of smart contracts.
"The new Commerce product enforces the details of each payment on-chain, supports hundreds of assets (native and ERC-20s) across Base, Polygon, and Ethereum, & automatically converts payments to USDC on-chain."
However, customers can still pay on Coinbase Commerce using Dogecoin and other UTXO assets from their Coinbase account.
She added that the decision has had a net positive effect on how the product functions.
"Since making the change, the results have brought us much closer to executing our mission - seeing higher conversion rates, less manual effort, and glowing feedback from many merchants."
SHIB Sees Slight Gains
Meanwhile, Coinbase decision could mean a leg up for DOGE competitor Shiba Inu. The memecoin is an ERC-20 token, meaning the Coinbase Commerce platform fully supports it.
However, it was not reflected in its price performance. The memecoin is up only 1.89% in the past 24 hours. This gain is mostly because of the recent improvements in the Shiba Inu ecosystem.
Latest Updates on Shiba Inu
Shiba Inu layer-2 blockchain Shibarium recorded an impressive daily transaction today, reaching 2.44 million today. This represents a substantial increase compared to the days before. But it is still down from peaks of over 7 million back in 2023.
Meanwhile, SHIB's trading volume increased by 35% today to reach $180 million. This is likely because of the announcement by the project spokesperson Lucie about its latest non-fungible tokens.
Shiba Inu will be launching a new NFT collection, Sheboshis. The collection will be claimable by holders of the Shibosbis NFT. But any unclaimed Sheboshis will be available for sale.
The fun part is that 10% of the proceeds from selling such NFTs are allocated to burning ecosystem tokens, with SHIB getting 6%. Such burns could further help reduce the supply of SHIB and boost its price.
The Shiba Inu ecosystem has gradually transitioned into a serious project with lots of development. Elements of the ecosystem currently include Shibarium, ShibaSwap, Shiba Eternity, and Shibverse.
