The Shiba Inu (SHIB) cryptocurrency has recently experienced a remarkable surge in its burn rate, with an increase of 3,674% coinciding with the U.S. presidential election. This unexpected rise has reignited interest in SHIB’s price dynamics, capturing the attention of traders eager to leverage election-related market opportunities.
Notably, this trend is not exclusive to Shiba Inu. Dogecoin has also seen a significant uptick in trading activity and volume, leading many to speculate whether SHIB will rally alongside Dogecoin and potentially achieve new all-time highs.
Understanding the Shiba Inu Burn Rate
The burn rate of Shiba Inu refers to the process by which SHIB tokens are permanently removed from circulation by transferring them to inactive wallets. This strategic reduction in supply aims to induce scarcity, thereby potentially enhancing the value of SHIB.
Insights from Shibburn.com
According to data obtained from Shibburn.com, the SHIB burn rate surged by more than 3,674% on election day, signaling a coordinated effort within the SHIB community. In a noteworthy development, over 53.3 million SHIB tokens were burned in the past 24 hours alone. Delving deeper into the data, more than 28.8 million tokens were burned in a single transaction, underscoring the community’s commitment to this initiative.
This significant increase in SHIB burns has been mirrored by a substantial rise in its market value. SHIB’s price climbed as much as 10% within the past 24 hours, breaking past several price thresholds, including $0.000017, $0.000018, $0.000019, and $0.000020 in quick succession.
Comparing SHIB and Dogecoin
Despite the positive momentum in Shiba Inu’s price, its meme coin counterpart, Dogecoin, has experienced even greater gains. Dogecoin’s price has risen approximately 20% over the last 24 hours, marking its first return above $0.2 since April 2024.
Will Shiba Inu Continue to Rise Alongside Dogecoin?
Historically, Shiba Inu and Dogecoin have displayed correlated price movements, often influenced by increased interest in one coin translating to higher trading volumes for the other. SHIB’s recent burn rate surge contributes to the ongoing debate regarding which token might lead in upcoming rallies. This is especially relevant as Dogecoin continues to enjoy sustained interest.
Future Prospects for SHIB and DOGE
As both SHIB and DOGE experience heightened trading activity, projections suggest that both cryptocurrencies will maintain their upward momentum for the remainder of the month. It is plausible that SHIB may establish a new 2024 high alongside Dogecoin in November, setting the stage for both to challenge their all-time highs.
Recent rallies have seen slight pullbacks in both SHIB and DOGE prices, likely due to profit-taking as some holders secure gains ahead of the next potential upswing. As of the current writing, SHIB has found support at $0.0000183 and is trading around $0.0000188. Meanwhile, Dogecoin is holding steady at $0.197.
Conclusion
The volatile nature of SHIB’s price continues to captivate traders and investors alike, with the recent burn rate surge adding another layer of intrigue to its market dynamics. As the cryptocurrency landscape evolves, both Shiba Inu and Dogecoin remain key players, attracting attention with their potential for further growth.
