Shiba Inu Burn Rate Ignites 3,674% On Election Day, Will SHIB Move With Dogecoin Price To New ATH?

Share This Post

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. 

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.

Shiba Inu

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. 

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

Shiba Inu price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Elon Musk Net Worth Soars to $348 Billion: Tesla and xAI Drive the Surge

The post Elon Musk Net Worth Soars to $348 Billion: Tesla and xAI Drive the Surge appeared first on Coinpedia Fintech News Elon Musk is the first name on the global billionaires list His current

Race to a Billion Offers Transparent Racing Prediction Platform with Earning and Passive Income Opportunities: Presale Has Started

The post Race to a Billion Offers Transparent Racing Prediction Platform with Earning and Passive Income Opportunities: Presale Has Started appeared first on Coinpedia Fintech News Race to a Billion

Still Early: Taylor Swift Remains More Popular Than Bitcoin for Now

Jon Erlichman, a BNN Bloomberg commentator, recently conducted an informal survey on the streets, asking several people whether they would prefer a ticket to a Taylor Swift concert or a bitcoin Most

Smart Money Picks: Top Altcoins That Could Double This Week

The post Smart Money Picks: Top Altcoins That Could Double This Week appeared first on Coinpedia Fintech News With the Bitcoin price likely to cross about the $100,000 mark this week, the altcoins

Mr Beast Finally Responds To Crypto Allegations, Oompaville Probes More

The post Mr Beast Finally Responds To Crypto Allegations, Oompaville Probes More appeared first on Coinpedia Fintech News In an exclusive interview between Oompaville and MrBeast, the latter

Cardano’s Charles Hoskinson vows legal action over Wyoming stablecoin snub

Cardano founder Charles Hoskinson has threatened legal actions over the blockchain network’s omission from the Wyoming Stablecoin project In a Nov 25 video broadcast on social media platform X,