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

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As a seasoned crypto investor with a soft spot for meme coins, I must admit that the recent surge in Shiba Inu (SHIB) and Dogecoin (DOGE) has got me quite intrigued. The 3,674% spike in SHIB’s burn rate on U.S. presidential election day was nothing short of astonishing, especially considering it coincided with a notable increase in its market value.

Recently, there’s been a substantial rise in the burn rate of Shiba Inu (SHIB), skyrocketing an impressive 3,674% on U.S. presidential election day. It’s worth noting that this surge has coincided with renewed curiosity about SHIB’s value. This heightened activity is echoing throughout the crypto industry as traders aim to leverage the election’s impact.

Beyond just Shiba Inu, there’s been an increase in Dogecoin‘s trading action and volume as well. It makes one ponder if Shiba Inu’s price could rise alongside Dogecoin and potentially hit fresh record 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. 

Based on figures from Shibburn.com, there was an astonishing 3,674% increase in the burn rate of SHIB tokens. This surge seems to have been triggered by a large number of voters participating in the US elections, suggesting a coordinated action within the SHIB community. Notably, Shibburn reported that around 53.3 million SHIB tokens were burned in just one day. Remarkably, more than 28.8 million SHIB tokens were incinerated in a single transaction.

The surge in Shiba Inu token burns has mirrored a significant rise in its market worth. Over the past 24 hours, Shiba Inu has soared by up to 10%, which has led to repeated jumps over the resistance levels of $0.000017, $0.000018, $0.000019, and $0.000020 in quick succession.

As a crypto investor, I’ve observed an impressive surge in Shiba Inu’s price, but it’s Dogecoin that’s truly caught my attention lately. Over the past day, Dogecoin has skyrocketed by approximately 20%, marking a significant milestone as it reclaimed the $0.2 mark for the first time since April 2024. This is undoubtedly an exciting development in the world of meme coins.

Can SHIB Continue To Surge Alongside Dogecoin?

Historically, it’s been noticed that Shiba Inu and Dogecoin have often moved together in price, especially when investment in one coin increases trading activity for the other. The recent surge in SHIB’s burn rate has stirred discussions about which token might outperform in future market rallies, given Dogecoin’s current increase in popularity.

Despite the ongoing increased trading activity with Shiba Inu (SHIB) and Dogecoin (DOGE), it’s anticipated that these cryptocurrencies will persist in an upward trend for the remainder of this month. Consequently, there’s a possibility that SHIB could establish a new 2024 peak concurrently with Dogecoin in November. Subsequently, both could aim to surpass their record highs.

After their recent surges, both Shiba Inu (SHIB) and Dogecoin (DOGE) have experienced minor setbacks, possibly due to investors cashing out to secure profits ahead of a potential uptrend. At the current moment, SHIB has established a support level at approximately $0.0000183, trading around $0.0000188, while Dogecoin remains stable at roughly $0.197.

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2024-11-07 01:53