Shiba Inu Burn Rate Ignites 3,674% On Election Day, Will SHIB Move With Dogecoin Price To New ATH?
06 November 2024 - 9:30PM
NEWSBTC
Shiba Inu (SHIB) recently witnessed a significant increase in its
burn rate, surging 3,674% on U.S. presidential election day.
Interestingly, this spike has come amid reignited interest in the
SHIB price. This surge in activity cuts across the wider industry
as traders look to capitalize on the election dynamics. Aside
from Shiba Inu, Dogecoin has also witnessed a surge in trading
activity and volume, and it is left to wonder if SHIB will rally
alongside the Dogecoin price and reach new all-time highs. Shiba
Inu Burn Rate Soars The burn rate of Shiba Inu is a measure of how
much SHIB is permanently removed from circulation by sending it to
inactive wallets. This controlled reduction of supply is intended
to create scarcity, thereby potentially boosting SHIB’s
price. Related Reading: Analyst Reveals What The Gold Chart
Says About The Possibility Of Bitcoin Price Reaching $100,000
According to data from Shibburn.com, SHIB’s burn rate jumped by
over 3,674% as voters trooped to vote in the US, an unexpected
surge that points to a coordinated effort by the SHIB community.
Particularly, Shibburn highlighted that over 53.3 million SHIB
tokens were burned in the past 24 hours alone. Interestingly, a
further look into the data shows that over 28.8 million SHIB tokens
were burned in a single transaction. This uptick in SHIB burns has
paralleled a notable increase in its market value, with SHIB
climbing as high as 10% in the past 24 hours. This allowed SHIB to
go on successive breaks above the $0.000017, $0.000018, $0.000019,
and $0.000020 in rapid succession. Despite the notable Shiba Inu
price uptick, its meme coin counterpart, Dogecoin, has witnessed
more gains. Particularly, Dogecoin is up by about 20% in the last
24 hours, having recently crossed above $0.2 again for the first
time since April 2024. Can SHIB Continue To Surge Alongside
Dogecoin? Historically, both Shiba Inu and Dogecoin have seen
simultaneous price movements, particularly when interest in one
coin flows into higher trading volumes for the other. SHIB’s recent
burn rate spike adds fuel to the debate over which token might lead
in upcoming rallies, especially with DOGE seeing a sustained rise
in interest. Related Reading: Dogecoin Price Marks Local
Bottom, Can Price Run 100% From Here Again? However, as both SHIB
and DOGE continue to experience heightened trading activity, both
cryptocurrencies are expected to continue on the upswing for the
rest of the month. As such, we could see SHIB creating a new 2024
high alongside Dogecoin in November, before both eventually go to
challenge their all-time highs. Both SHIB and DOGE have seen slight
pullbacks after their recent rallies, likely due to profit-taking
as some holders lock in gains before the next possible upswing. At
the time of writing, SHIB has found support at $0.0000183,
currently trading around $0.0000188, while Dogecoin is holding
steady at $0.197 Featured image created with Dall.E, chart from
Tradingview.com
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