Shiba Inu Burn Rate Ignites 3,674% On Election Day, Will SHIB Move With Dogecoin Price To New ATH?
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The Shiba Inu (SHIB) recently saw a significant increase in burn rate, rising by 3,674% on US Presidential Election Day. Interestingly, this rise has come amid… It reignited interest in the SHIB price. This uptick in activity extends across the broader industry as traders look to capitalize on election dynamics.
Aside from the Shiba Inu, Dogecoin has also seen a rise in trading activity and volume, and it remains to be wondered if SHIB will rise along with the price of Dogecoin and reach all-time highs.
Shiba Inu has a high burn rate
the Shiba Inu burning rate It is a measure of how much SHIB is permanently removed from circulation by sending it to inactive wallets. This controlled reduction in supply is intended to create scarcity, thus boosting the price of SHIB.
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according to Data from Shibburn.com, SHIB’s burn rate jumped more than 3,674% as voters flocked to vote in the US, an unexpected increase that indicates a coordinated effort by the SHIB community. In particular, Shipburn highlighted that more than 53.3 million SHIB tokens were burned in the past 24 hours alone. Interestingly, another look at the data shows that over 28.8 million SHIB tokens were burned in a single transaction.
This rise in SHIB’s burns has coincided with a notable increase in its market value, with SHIB rising by as much as 10% in the past 24 hours. This allowed SHIB to continue with successive breakouts above $0.000017, $0.000018, $0.000019, and $0.000020 in quick succession.
Despite the notable rise in Shiba Inu prices, its meme counterpart, Dogecoin, More gains were seen. In particular, Dogecoin is up about 20% in the past 24 hours, having recently surpassed $0.2 again for the first time since April 2024.
Can SHIB continue to rise alongside Dogecoin?
Historically, both the Shiba Inu and Dogecoin have been used Experienced simultaneous price movementsespecially when interest in one currency flows into higher trading volumes for the other. The recent spike in SHIB’s burn rate adds fuel to the token debate that could lead to upcoming spikes, especially with DOGE seeing a continued spike in interest.
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However, as both SHIB and DOGE continue to experience increased trading activity, both cryptocurrencies are expected to continue to rise for the rest of the month. As such, we could see SHIB making a new 2024 high alongside Dogecoin in November, before both eventually challenge their all-time highs.
Both SHIB and DOGE saw slight pullbacks after their recent rises, likely due to profit taking as some holders lock in gains ahead of the next potential rise. At the time of writing, SHIB has found support at $0.0000183, and is currently trading around $0.0000188, while Dogecoin remains flat at $0.197.
Featured image created with Dall.E, chart from Tradingview.com
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