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

Source 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. 

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
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: PPI and Oil Prices Fuel Inflation Concerns, Can CPI Change Gold's Direction?As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around
Author  TradingKey
8 hours ago
As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around
placeholder
US August CPI lands tonight: after a 5.4% PPI shock, will the Fed hike on September 16?US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.
Author  Irene Q.
10 hours ago
US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.
placeholder
US-Iran Conflict Drives Oil Surge as WTI Tops $100 and Brent Nears $110International oil prices continued to advance rapidly this week. On Thursday Eastern Time, WTI crude (USOIL) broke through the $100/barrel mark, closing at $103.94, up 7.51%; Brent crude
Author  TradingKey
15 hours ago
International oil prices continued to advance rapidly this week. On Thursday Eastern Time, WTI crude (USOIL) broke through the $100/barrel mark, closing at $103.94, up 7.51%; Brent crude
placeholder
TradingKey Daily Market Briefing: WTI Oil Tops $100, US Stocks Fall for 4th Day, Apple Bucks Trend, CPI AheadTracking Market TrendsTradingKey - On September 10 Eastern Time, the three major US stock indices fell for the fourth consecutive trading day. US August PPI showed upstream price pressures continued t
Author  TradingKey
16 hours ago
Tracking Market TrendsTradingKey - On September 10 Eastern Time, the three major US stock indices fell for the fourth consecutive trading day. US August PPI showed upstream price pressures continued t
placeholder
US August CPI Preview: Will Inflation Reaccelerate? US Stocks, Dollar and Gold Face Key Test On Friday, September 11 (ET), the U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) for August, the final major inflation report before the Federal Reserve's Sep
Author  TradingKey
Yesterday 10: 10
On Friday, September 11 (ET), the U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) for August, the final major inflation report before the Federal Reserve's Sep
goTop
quote