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
U.S.-Iran Ceasefire. Bitcoin Surges Past $72,000, 80,000 Within Reach?The U.S.-Iran ceasefire agreement triggered a surge in Bitcoin of over 4%, with the Islamabad negotiations starting this Friday serving as a key driver for further gains.On April 8, a bri
Author  TradingKey
12 hours ago
The U.S.-Iran ceasefire agreement triggered a surge in Bitcoin of over 4%, with the Islamabad negotiations starting this Friday serving as a key driver for further gains.On April 8, a bri
placeholder
Is 19% Oil Price Slump Just the Surface? Doubts Over Strait of Hormuz Reopening Details; EIA Warns of Continued Rise in US Fuel Prices On April 7, Eastern Time, Trump announced a truce, suspending bombing and offensive operations against Iran for two weeks and reopening the Strait of Hormuz.Affected by this, WTI crude at
Author  TradingKey
13 hours ago
On April 7, Eastern Time, Trump announced a truce, suspending bombing and offensive operations against Iran for two weeks and reopening the Strait of Hormuz.Affected by this, WTI crude at
placeholder
Today’s Market Recap: U.S.-Iran “Two-Week Ceasefire,” Three Major U.S. Indices Recover Losses, Oil Prices Plunge, Gold Prices Return to $4,800TradingKey - During the U.S. stock trading session on April 7 ET, Trump threatened Iran that "the entire civilization will perish," causing the three major indices to fall in tandem, with the Nasdaq d
Author  TradingKey
20 hours ago
TradingKey - During the U.S. stock trading session on April 7 ET, Trump threatened Iran that "the entire civilization will perish," causing the three major indices to fall in tandem, with the Nasdaq d
placeholder
WTI Price Forecast: Seems vulnerable near $90.50 as technical breakdown comes into playWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – plummets to a nearly two-week trough during the Asian session on Wednesday in reaction to news that the US and Iran have agreed to a two-week ceasefire.
Author  FXStreet
20 hours ago
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – plummets to a nearly two-week trough during the Asian session on Wednesday in reaction to news that the US and Iran have agreed to a two-week ceasefire.
placeholder
Trump Openly Seizes Oil, Threatening to “Control Iran Overnight.” WTI Crude Has Doubled to $115 This Year; Will Oil Prices Face More Variables?On April 6, Trump remarked regarding the Iran issue that he could "control the entire country overnight" and indicated that the deadline for ceasefire negotiations could be tomorrow (the
Author  TradingKey
Yesterday 08: 01
On April 6, Trump remarked regarding the Iran issue that he could "control the entire country overnight" and indicated that the deadline for ceasefire negotiations could be tomorrow (the
goTop
quote