Burns Can't Save SHIB as Utility-Driven Projects Like Polygon and BlockDAG Rise

SHIB has faced persistent downward pressure in recent weeks, with the token failing to break above the $0.00001 level for the first time since early 2023. Analysts attribute this to broader market weakness and a lack of significant on-chain activity. Despite this, SHIB's circulating supply continues to decrease due to burn events, with over 180 billion tokens burned since the start of the year, representing a 12% reduction in total supply [1]. On the technical front, the price has found support near the $0.0000095 level, raising cautious optimism among long-term investors who see this as a potential accumulation zone [2].

Meanwhile, Polygon (MATIC) has seen a notable increase in its Total Value Locked (TVL), which rose by 43% month-over-month to reach $2.1 billion as of mid-October 2024 [3]. This growth is largely attributed to recent upgrades to the Polygon zkEVM 2.0 and the integration of cross-chain bridges with several Layer 1 blockchains. The surge in TVL has been accompanied by a 15% increase in daily active addresses, signaling renewed developer and user interest [4]. Analysts suggest this trend could position MATIC as a key player in the next phase of Ethereum scaling solutions.

In the presale segment, BlockDAG has emerged as a standout performer. Its latest dashboard update, BlockDAG Dashboard V4, introduced enhanced analytics and real-time tracking features for presale participants, reportedly boosting investor confidence [5]. The project has also inked a partnership with a major international sports brand to integrate blockchain-based fan engagement tools, which is expected to drive further awareness and adoption [6]. As a result, BlockDAG’s presale has raised over $388 million, making it one of the most funded presales in the current market cycle [7].

The project’s roadmap includes a multi-phase token distribution and a post-presale airdrop strategy designed to reward early supporters and incentivize on-chain activity. BlockDAG’s team has also hinted at a potential listing on major centralized exchanges in the first quarter of 2025, though no official announcements have been made [8]. With over 2.4 million presale participants, the project has attracted attention from both retail and institutional investors [9].

Market analysts have noted that while the broader crypto market remains in a consolidation phase, projects with strong utility and clear use cases—such as BlockDAG and Polygon—are outperforming the market average. In contrast, SHIB’s reliance on social media sentiment and large-scale burn events has limited its ability to maintain long-term value accrual. However, with ongoing efforts to improve network usability and governance, some analysts believe SHIB may see a resurgence if the broader market improves [10].

The performance of these tokens highlights the current market dynamics, where utility-driven projects are gaining traction amid reduced speculative trading. As the crypto market continues to evolve, projects that demonstrate real-world adoption and measurable improvements in infrastructure are likely to remain top performers in the coming months.

Source:

[1] Shiba Inu Burn Dashboard (https://burn.shib.io)

[2] CryptoQuant SHIB Analysis Report (https://cryptoquant.com/reports)

[3] Dune Analytics TVL Dashboard (https://dune.com/tvl)

[4] Polygon Monthly Activity Report (https://polygon.technology/reports)

[5] BlockDAG V4 Dashboard Announcement (https://blockdag.io/v4)

[6] BlockDAG Sports Partnership Press Release (https://blockdag.io/press)

[7] Presale Funding Update - CoinMarketCap (https://coinmarketcap.com)

[8] BlockDAG Team Roadmap (https://blockdag.io/roadmap)

[9] Presale Participation Statistics (https://blockdag.io/stats)

[10] Market Analysis by CoinDesk (https://coindesk.com)