Critical Developments for SHIB Coin, XRP, and 5 Other Altcoins: Key Market Updates You Need to Know

• The crypto world has witnessed exciting developments with strategic moves by established players like MakerDAO and meme coins like SHIB coin challenging market trends.
• MakerDAO has announced plans to introduce two new tokens, NewStable (NST) and NewGovToken (NGT), aimed at increasing stability, expanding adoption, and empowering users through more dynamic governance.
• Despite recent market sell-offs, Shiba Inu (SHIB) continues to defy expectations with a 7.46% price increase in the last 24 hours, coinciding with a surprising 1009% increase in the token’s burn rate.

This article explores the latest developments in the crypto landscape, including MakerDAO’s new tokens, SHIB coin’s resilience, and measures against airdrop fraud by LayerZero Labs.

MakerDAO Announces Two New Tokens

Leading decentralized finance (DeFi) platform MakerDAO has announced plans to introduce two new tokens, codenamed NewStable (NST) and NewGovToken (NGT). This move represents a significant revision aimed at increasing stability, expanding adoption, and empowering users through more dynamic governance within the Maker ecosystem. Current DAI holders will have the flexibility to seamlessly transition to NST, while retaining the option to revert to DAI if desired. The NewGovToken (NGT) represents a refined approach to governance within the MakerDAO ecosystem. Designed to encourage broader participation and facilitate more dynamic decision-making, NGT will replace the existing MKR token. Each MKR token can be converted into 24,000 NGT. The official names of both tokens will be announced at a later date.

SHIB Coin Burn Rate Increases

Popular meme coin Shiba Inu (SHIB) continues to defy expectations. Despite recent market sell-offs, SHIB has demonstrated extraordinary resilience with a 7.46% price increase in the last 24 hours. This uptrend coincides with a surprising 1009% increase in the token’s burn rate, significantly reducing the circulating supply and potentially contributing to price increases. Data from Coinglass also indicates a significant decrease in selling pressure, with SHIB liquidations significantly lower than previous periods. Open positions, an indicator of investor sentime... Read the full article for FREE at COINOTAG!