Shiba Inu's burn rate surged by 3,674% on election day. Will SHIB reach a new high as the price of Dogecoin rises?

The burn rate of Shiba Inu (SHIB) has recently risen sharply, surging 3,674% on the day of the US presidential election. Interestingly, this surge occurred against the backdrop of renewed interest in SHIB prices. The increased activity, driven by traders looking to capitalize on election dynamics, has had a significant impact on the entire industry.

In addition to SHIB, the trading activity and volume of Dogecoin have also surged, and people can't help but wonder if SHIB will follow Dogecoin's price increase and set a new historical high.

The Shiba Inu burn rate is a metric that measures how much SHIB is permanently sent to inactive wallets and removed from circulation. This controlled supply reduction is designed to create scarcity, which may potentially increase the price of SHIB.

According to data from Shibburn.com, as American voters flock to polling stations, the destruction rate of SHIB has surged by over 3,674%, indicating a coordinated effort by the SHIB community. In particular, Shibburn emphasizes that over 53.3 million SHIB tokens have been burned in the past 24 hours alone. Interestingly, further examination of the data reveals that over 28.8 million SHIB tokens have been burned in a single transaction.

SHIB 销毁量的rise与其市场价值的显有增长相一致,SHIB 在过去 24 小时内攀升了 10。 这使得 SHIB 能够迅速连续突破 0.000017 美元、0.000018 美元、0.000019 美元和 0.000020 美元。 尽管相币的价格明显上涨,但其对应的 meme 币狗狗币却上涨更多。 特别是,狗狗币在过去 24 小时内上涨了约 20%, 最近自 2024 年 April 月以来首次 again broke 0.2 USD。

From a historical perspective, the price trends of Shiba Inu Coin and Dogecoin are synchronized, especially when the interest in one currency translates into an increase in the volume of another currency. The recent surge in the burning rate of SHIB has intensified the debate about which currency may lead the future rebound, especially as interest in DOGE continues to rise.

However, with the increasing trading activity of SHIB and DOGE, it is expected that these two encryption currencies will continue to rise in the remaining time of this month. Therefore, we can see that SHIB and Dogecoin both reached new highs in November 2024, and both will eventually challenge historical highs.

After a recent rise, both SHIB and DOGE have experienced a slight pullback, possibly due to some holders locking in profits before the next possible rise. As of the time of writing this article, the support level for SHIB is $0.0000183, and the current trading price is around $0.0000188, while Dogecoin is stable at $0.197.


(Data Source: Scott Matherson)