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- Shibarium’s recent performance disappoints the Shiba Inu (SHIB) community.
- Demand for Dogecoin (DOGE) futures increased in November.
- NuggetRush (NUGX) offers new utilities in the memecoin scene
The Shibarium network has shown lackluster performance, raising concerns among analysts that its popularity may be declining. In contrast, Dogecoin (DOGE) has seen a recent surge in open interest, outperforming both bitcoin and ethereum. Meanwhile, there is growing optimism among analysts regarding NuggetRush (NUGX). More than 30 million have been sold in the ongoing pre-sale.
Shiba Inu disappointed by disappointing Shibarium metrics
Shiba Inu launched Shibarium on August 28 and the layer 2 network completed one million transactions in its first month.
However, the community is now concerned as Shibarium’s daily transactions dropped to approximately 9,470 on November 6.
Despite the decline in Shibarium network activity, SHIB prices have remained firm in recent weeks.
On October 10, SHIB changed hands at $0.000006898; On November 7, it had risen 19.0% to $0.00000821.
Initially expected to boost Shiba Inu’s position in decentralized finance (defi), Shibarium’s current status raises questions about whether it will be able to regain its September peak.
Given the disappointment surrounding Shibarium, some SHIB holders are hopeful that recent token burns can support prices.
Shiba Inu has responded to Shibarium’s disappointing performance by intensifying token burning.
Analysts suggest that this strategy could boost SHIB prices by 19.1% to $0.00009782 in the coming days.
NuggetRush (NUGX) – P2E meme game offers innovative nft staking
NuggetRush offers a non-fungible token (nft) staking feature. As a play-to-earn (P2E) project, NuggetRush allows users to stake characters and other rare NFTs, rewarding users.
Players can participate in mining challenges within mineral-rich terrain. Customized avatars, created by players, assist in the mining adventure and require them to start and manage profitable mining operations.
Players start with basic machinery and some experienced miners, and progress to receive rewards such as upgraded mining equipment, additional character NFTs, and in-game currency by completing mining missions.
Investing in-game currency into advanced machinery and upgrading miners’ skills directly amplifies mining efficiency, increasing potential rewards.
Additionally, players can sell upgraded players and machinery at higher prices on the market.
Analysts suggest that the addition of nft staking is a major factor contributing to the rapid growth of the NuggetRush blockchain ICO.
Since the start of the pre-sale, NuggetRush has sold over 30 million NUGX. Notably, the token price is now up 20% since stage 1 and will rise 8.3% in the next round.
NUGX is expected to trade around the $0.020 mark.
Dogecoin open futures dominate the market
Data from Velo shows that Dogecoin open futures have increased since November 1, outperforming bitcoin and ethereum.
The data reveals a 14.6% increase in Dogecoin open interest, reaching $328 million. This report highlights Dogecoin’s recent bullish trend, driven by anticipation surrounding potential approvals of spot bitcoin exchange-traded funds (ETFs).
On November 1, DOGE was trading at $0.0688. On November 7, it had risen 6.8% to $0.0735 as open interest increased in tandem. Despite Dogecoin’s recent rally, meme coins, in general, are in a downward trend.
Since January, Dogecoin has shed approximately $2 billion in market capitalization. However, rising investor sentiment may support prices, even taking them to $0.0853 by the end of the year.
Visit the NuggetRush pre-sale website
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