As 2024 approaches, Avalanche and Shiba Inu take notable steps to captivate their audiences. Avalanche has launched AVAX incentives to energize its ecosystem, hoping to attract a broader user and developer base. At the same time, Shiba Inu has seen a dramatic increase in its burn rate, contributing to a surge in SHIB prices and a resurgence of interest among cryptocurrency followers. In the midst of these activities BlockDAG (BDAG) is distinguished by its layer 1 blockchain technology, marked by an advanced ecosystem that is gaining traction in the market.
The recently launched BlockDAG testnet has received enthusiastic responses from experts and users alike. Its extraordinary performance and scalability have led some to suggest that it could even surpass Solana in technical prowess. This acclaim has helped fuel BlockDAG’s $99 million pre-sale, attracting substantial support from major crypto players and pushing it toward an unprecedented $100 million milestone. This momentum positions BlockDAG as a top choice among new cryptocurrencies.
Avalanche BOOST campaign introduces AVAX incentives
In a recent initiative called Avalanche BOOST Campaign, WOOFi, an omnichain decentralized exchange, has started offering AVAX incentives. This campaign, which began on October 7, plans to distribute 10,000 AVAX over 12 weeks. Participants who participate in WOOFi Earn and Cross-chain Carousel will be able to earn these incentives. In WOOFi Earn, 8,000 SAVAX will be allocated to users who deposit into the AVAX, USDC or BTC.b vaults, and rewards will accumulate in real time.
Additionally, the cross-chain carousel will offer 2,000 SAVAX, highlighting a different Avalanche protocol each week. Users will be able to trade assets for the featured token, with a weekly prize pool of $5,000 on SAVAX divided based on trading volume. This campaign, according to Ben Yorke, vice president of the WOO ecosystem, aims to increase liquidity and offer seamless earning opportunities on this scalable and environmentally friendly blockchain. WOOFi, which supports 11 blockchains, has more than $42 billion in trading volume.
The escalation of Shiba Inu burn rate and its impact on SHIB prices
Shiba Inu’s burn rate has seen a significant rebound, increasing by 14,575% in just 24 hours, with over 279 million SHIB tokens withdrawn from circulation across five transactions. Notably, the largest transaction involved 277.58 million tokens from a Coinbase wallet, representing almost the entire volume burned. Other contributions included burns from a Robinhood-associated wallet and an address labeled “Kraken 7.”
This considerable reduction in token supply, coupled with recent large-scale SHIB acquisitions, has increased market optimism. Analyst Javon Marks has forecast that SHIB could rise 342% to $0.00008 after breaking out of a falling wedge pattern. Another market observer forecasts a similar rise to $0.000074, reflecting positive sentiment around the token’s future trajectory.
BlockDAG Testnet Achieves Important Initial Benchmarks
BlockDAG has reached an important phase in its development with the launch of its testnet and blockchain explorer on September 20, 2024, marking a fundamental step towards its upcoming mainnet launch. This development allows the community to interact directly with the blockchain and explore its wide range of features first-hand. The testnet offers a hands-on preview of what BlockDAG promises in terms of technology and functionality, allowing users to interact with the network and witness the advancements first-hand.
Among the notable features are the blockchain explorer and blockchain faucet. The explorer offers detailed views of blocks, their sizes, timestamps and transactions, simplifying the user experience for navigating the blockchain. Additionally, the faucet feature allows users to mint BDAG coins on the testnet, facilitating transfers through MetaMask. This integration with MetaMask Wallet Connect streamlines the process of sending and receiving BDAG coins. The testnet also includes sample smart contracts, which users can use to test various functions, such as minting NFTs, staking coins, or burning tokens.
Community feedback highlights the high performance and scalability of the testnet, with many pointing to it as one of the strongest foundations for a network currently on the market. Early assessments suggest that BDAG could outperform other platforms, including Kaspa and possibly even Solana. This level of performance has garnered significant attention, positioning BlockDAG as a formidable player in the blockchain space.
The well-received testnet has consequently fueled BlockDAG’s $99 million pre-sale, attracting substantial interest from major players in the cryptocurrency space and propelling the pre-sale towards the $100 million milestone. This momentum makes it one of the most notable pre-sales in recent years. Confidence surrounding BlockDAG’s potential continues to grow, with many considering it to be the top choice among new cryptocurrencies. Predictions even suggest that pre-sales could reach $600 million in the coming months.
Currently in its 24th batch, BDAG coins are attractively priced at $0.0206, presenting an attractive entry point for those considering participation in a layer 1 network.
Final perspective
While other cryptocurrencies like Avalanche and Shiba Inu are moving forward with initiatives like AVAX incentives and increasing burn rates, BlockDAG sets itself apart with its advanced and highly capable testnet launched in late September 2024. The great performance and The scalability demonstrated by the testnet has sparked considerable interest, helping to drive pre-sales toward significant milestones. BlockDAG’s continued success in its pre-sale, combined with its cutting-edge technology and growing attention from the cryptocurrency community, positions it as a prominent contender for those looking to get involved with promising new cryptocurrencies.
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