Shiba Inu Burn Rate Ignites 3,674% On Election Day, Will SHIB Move With Dogecoin Price To New ATH? 📈
Shiba Inu (SHIB) experienced a dramatic increase in its burn rate, surging by 3,674% during the U.S. presidential election day. This spike in burn rate coincides with a reignited interest in SHIB's price, showing a significant boost in market activity as traders capitalize on election dynamics.
The burn rate is a metric showing how much SHIB is permanently removed from circulation, aiming to create scarcity and potentially boost the price. A massive burn, including 28.8 million SHIB in a single transaction, has propelled SHIB's market value upward by 10% over the past 24 hours.
Meanwhile, Dogecoin has also seen a considerable rise, with its price climbing approximately 20% in the recent trading period. Historically, SHIB and Dogecoin have shown parallel price movements, suggesting potential for SHIB to rally alongside Dogecoin in reaching new highs.
Both cryptocurrencies have experienced heightened trading interest and are expected to rise throughout November, potentially reaching their 2024 highs. Despite small pullbacks post-rally due to profit-taking, SHIB holds support around $0.0000188, while Dogecoin stabilizes at $0.197.
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