Benzinga - While Shiba Inu (CRYPTO: SHIB) is experiencing a 5% drop in trade amidst the overall decline in the meme coin market, Shibarium's meme coin DAMN (Sol Killer) reported significant gains.
What Happened: Shibarium's newly launched meme coin, DAMN, quickly gained attention as one of the hottest coins on the market tracker DEXTools. Dubbed the “Sol Killer,” DAMN began trading on March 18 to compete against similar tokens on the Solana blockchain that have been gaining traction.
According to DEXScreener data, the meme coin is trading 22% higher with liquidity at $1.2 million and a trading volume of 471,000. In the latest tweet, Shiba Inu's marketing lead, Lucie, highlighted DAMN attracted 44,000 holders.
The creator of DAMN is Woofswap, which detailed on X how to purchase the token through the official website using BONE token. Those without BONE can also buy DAMN through a centralized exchange such as Gate.io.
Also Read: ‘Dogecoin Killer’ Shiba Inu Burn Rate Skyrockets 2,289%, As Unknown Whale Hoards $14M In SHIB
Why It Matters: Shibariumscan data indicates active accounts on the blockchain have multiplied to 2,482 as of March 18 from 667 as of March 17. Additionally, new accounts surged to 730 from 63 during the same period. This surge coincided with the launch of the new token on the blockchain, which went live in August 2023.
Heavily followed X user, Shaka Tha God tweeted,
$Damn has definitely brought eyes and attention plus VOLUME to #Shibarium thats undeniable…hopefully its acknowledged by some of the higher $SHIB members #DAMN #SolKiller pic.twitter.com/qvYIwrZOVL— Shaka Tha God (@ShakaThaGod) March 19, 2024
In a tweet on March 18, Lucie expressed confidence Shibarium would become one of the "top 5 blockchains" due to its unbeatable community.
Despite a drop in Shiba Inu prices, the community's burn rates have increased, with a 305% surge in the past 24 hours. A single transaction burned 25 million tokens, along with multiple other transactions burning 1 million tokens each.
While the crypto community remained optimistic about Shiba Inu's performance, the introduction of this new meme coin on the Shibarium blockchain was expected to further boost investor confidence.
Read Next: ‘Dogecoin Killer’ Shiba Inu Burn Rate Defies Market Action With 933% Surge, Daily Active Addresses Spike By 8%
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