Shiba Inu Burn Rate Increases 3,674% on U.S. Election Day
Shiba Inu (SHIB) experienced a notable increase in its burn rate, rising 3,674% on U.S. presidential election day, coinciding with renewed interest in SHIB's price. This activity reflects broader market trends as traders respond to election dynamics.
Dogecoin also saw increased trading activity, raising questions about whether SHIB will rise alongside Dogecoin and achieve new all-time highs.
Shiba Inu Burn Rate Soars
The burn rate of Shiba Inu indicates how much SHIB is permanently removed from circulation by sending it to inactive wallets. This strategy aims to create scarcity and potentially enhance SHIB’s price.
According to data from Shibburn.com, SHIB's burn rate surged over 3,674% during the U.S. elections, reflecting a coordinated effort by the SHIB community. Over 53.3 million SHIB tokens were burned in 24 hours, with more than 28.8 million burned in a single transaction.
This increase in SHIB burns correlated with a market value rise, with SHIB climbing up to 10% over 24 hours, breaking above $0.000017, $0.000018, $0.000019, and $0.000020 consecutively.
Despite SHIB's price rise, Dogecoin has outperformed, gaining approximately 20% in the last 24 hours and surpassing $0.2 for the first time since April 2024.
Can SHIB Continue To Surge Alongside Dogecoin?
Historically, Shiba Inu and Dogecoin exhibit simultaneous price movements, particularly when interest in one leads to higher trading volumes for the other. The recent spike in SHIB's burn rate intensifies discussions about which token may lead upcoming rallies, especially with DOGE experiencing sustained interest.
Both SHIB and DOGE are expected to maintain upward momentum throughout the month, potentially allowing SHIB to reach a new high in November alongside Dogecoin before challenging their all-time highs.
Recent rallies for both cryptocurrencies have seen slight pullbacks, likely due to profit-taking as holders secure gains. Currently, SHIB finds support at $0.0000183 and trades around $0.0000188, while Dogecoin remains steady at $0.197.
