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Shiba Inu (SHIB) has recently seen a huge increase in its popularity, rising 3,674% on the day of the US presidential election. It is interesting that this spike came in the middle returned interest on the value of SHIB. This job growth cuts across the wider industry as traders look to capitalize on the election.
Besides Shiba Inu, Dogecoin has also seen an increase in trading activity and volume, and it remains to be wondered if SHIB will rally around Dogecoin’s price and reach new all-time highs.
Shiba Inu Burn Rate Increases
I Shiba Inu temperature a measure of how much SHIB is permanently removed from circulation by sending it to inactive wallets. This controlled reduction in supply is intended to create a shortage, thereby increasing the price of SHIB.
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In accordance with data from Shibburn.com, the SHIB burn rate increased by more than 3,674% as voters gathered to vote in the US, an unexpected increase that points to the collective effort of the SHIB community. In particular, Shibburn emphasized that more than 53.3 million SHIB tokens were burned in just 24 hours. Interestingly, a closer look at the data shows that more than 28.8 million SHIB tokens were burned in a single transaction.
This rise in SHIB’s temperature has been accompanied by a significant increase in its market value, SHIB has increased by 10% in the last 24 hours. This allowed SHIB to take consecutive breaks above $0.000017, $0.000018, $0.000019, and $0.000020 in quick succession.
In addition to the Shiba Inu’s significant price increase, its meme coin counterpart, Dogecoin, see more benefits. In particular, Dogecoin is up nearly 20% in the last 24 hours, recently falling above $0.2 for the first time since April 2024.
Can SHIB continue to spread around Dogecoin?
Historically, both Shiba Inu and Dogecoin see price movements simultaneouslyespecially when interest in one coin feeds into high trading volumes in another. SHIB’s recent burn rate adds fuel to the debate over which token may lead the coming rallies, especially as DOGE sees a continued increase in interest.
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However, as both SHIB and DOGE continue to have high trading activity, both cryptocurrencies are expected to continue to rise throughout the month. As such, we could see SHIB create a new 2024 high alongside Dogecoin in November, before both finally challenge their all-time highs.
Both SHIB and DOGE have seen a slight pullback after their recent rallies, possibly due to profit-taking as some owners lock in profits ahead of the next possible hike. At the time of writing, SHIB has found support at $0.0000183, currently trading around $0.0000188, while Dogecoin is holding at $0.197
The featured image was created with Dall.E, a chart from Tradingview.com
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