Shiba Inu (SHIB) has drawn attention with its remarkable burn rate spike, generating optimism among the cryptocurrency community. Alongside this development, a newly emerging cryptocurrency, Minotaurus (MTAUR), is gaining traction in the market, positioning itself as a potential competitor that could achieve the 1 USDT milestone before SHIB.

Shiba Inu’s Burn Rate Surge Drives Positive Market Sentiments

According to the Shibburn tracker, the burn rate of SHIB spiked by 6,223% within a single day on November 19. In this period, around 290,321 tokens were burned which means they were taken out of the circulating supply. In the same week, the community removed from circulation approximately 135 million SHIB tokens and this has led to a decrease in supply.

The token’s total supply is still 589.26 trillion and the market shows signs of increased confidence.

https://twitter.com/shibburn/status/1858374626297946310

This was concurrent with a 4% intraday rise in the price of SHIB, which was priced at 0.00002511 USDT at the time of reporting with regards to the burn rate spike. Due to lower supply, the sentiment turned bullish, which could pave the way for price increase with a potential breakout to 0.3630 USDT.

SHIB’s Long Path to $1 Amid Market Challenges

While SHIB has witnessed some consolidation and bounce back, holders are not optimistic about touching the 1 USDT mark. This price level can only be achieved if the market capitalization of SHIB rises significantly, something that may not be easy considering the current total supply of SHIBs.

Source: X

Nonetheless, technical indicators like the breakout from a falling wedge pattern have fueled expectations for further price increases. March 2024 can be a potential milestone for the token, with price targets dependent on maintaining key support and resistance zones.

Increased transaction volume and rising interest in SHIB futures contracts, currently valued at $93 million, further suggest sustained enthusiasm among holders.

Minotaurus (MTAUR): A Promising Contender in Crypto Gaming

While SHIB grapples with its supply challenges, Minotaurus (MTAUR), an Ethereum-based cryptocurrency tailored for casual gaming, is rapidly gaining attention. Currently priced at 0.00005984 USDT during its presale phase, the token has sparked interest for its utility within the Minotaurus gaming ecosystem.

Minotaurus offers users access to features such as avatar customization and in-game enhancements. Its focus on casual gaming, a sector with a global audience, positions it as an innovative addition to the cryptocurrency space. Backed by audits from SolidProof and Coinsult, the project has established credibility and trust, ensuring transparency for participants.

The ongoing presale has surpassed 200,000 USDT n sales, with early participants already experiencing an increase in token value. The project is also generating social media excitement and has launched a 100,000 USDT giveaway campaign to further engage the community.

Comparing SHIB and MTAUR’s Potential to Reach $1

Minotaurus’s limited token supply and growing adoption within a targeted gaming market provide it with a potentially faster trajectory toward the 1 USDT mark. With presale pricing offering significant opportunities for early supporters, the token is appealing to casual gamers and crypto enthusiasts alike.

By contrast, SHIB continues to face challenges due to its massive circulating supply. While new burn mechanisms are reportedly in development, their execution and effectiveness remain uncertain.

SHIB’s historical growth, driven by community engagement and strategic supply reductions, serves as a reminder of its potential, though the path to 1 USDT appears longer compared to MTAUR’s streamlined model.

Website: http://minotaurus.io/ Announcements: https://t.me/minotaurus_official Chat: https://t.me/minotaurus_chat Twitter: https://twitter.com/minotaurus_io

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article