Shiba Inu (SHIB) Burn Rate Surges by 3,674% on U.S. Election Day
- Susan SarandonOriginal
- 2024-11-07 18:18:27950browse
This spike coincides with a renewed interest in SHIB's price, as traders across the industry aim to take advantage of election-related market dynamics.
Shiba Inu (SHIB) experienced a dramatic increase in its burn rate on U.S. presidential election day, surging by 3,674%. This spike coincides with a renewed interest in SHIB’s price, as traders across the industry aim to capitalize on election-related market dynamics.
The burn rate of Shiba Inu, which refers to the permanent removal of SHIB tokens from circulation by transferring them to inactive wallets, is a strategy designed to create scarcity and potentially boost the token’s price. According to data from Shibburn.com, the burn rate soared dramatically by over 3,674% on the day of the U.S. election, pointing to a coordinated effort by the SHIB community. Specifically, Shibburn highlighted that more than 53.3 million SHIB tokens were burned in the past 24 hours, with a single transaction accounting for over 28.8 million tokens.
This considerable rise in SHIB burns has mirrored an increase in its market value. In just 24 hours, SHIB’s price surged by as much as 10%, breaking through successive price barriers at $0.000017, $0.000018, $0.000019, and $0.000020. Despite SHIB’s notable price uptick, Dogecoin (DOGE) has experienced even more significant gains. DOGE’s price increased by approximately 20% in the last 24 hours, breaking above the $0.20 mark for the first time since April 2024.
Historically, Shiba Inu and Dogecoin have displayed simultaneous price movements, particularly when heightened interest in one coin spills over into increased trading volumes for the other. The recent spike in SHIB’s burn rate intensifies the debate over which token might lead future market rallies, especially given the sustained rise in interest for Dogecoin.
As both SHIB and DOGE continue to attract heightened trading activity, market analysts anticipate that both cryptocurrencies could maintain their upward momentum throughout the month. Consequently, SHIB may achieve a new high for 2024 alongside Dogecoin in November, potentially challenging their all-time highs.
However, recent rallies have seen slight pullbacks as some investors opt to lock in their gains, leading to profit-taking. Currently, SHIB is trading around $0.0000188, having found support at $0.0000183, while Dogecoin is holding steady at $0.197.
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