The Shiba Inu (SHIB) has recently seen a significant augment in burn rate, increasing by 3,674% on the day of the US presidential election. Interestingly, this spike occurred in the midst of renewed interest in the price of SHIB. This augment in activity is industry-wide as investors look to capitalize on election momentum.

Apart from Shiba Inu, Dogecoin has also witnessed an augment in trading activity and volume, so one remains to wonder if SHIB will continue to rise with the Dogecoin price and reach novel all-time highs.

The Shiba Inu’s burning rate is increasing

The Shiba Inu burning rate is a measure of how much SHIB is permanently removed from circulation by being sent to inactive wallets. This controlled reduction in supply is intended to create a shortage and thus potentially raise the price of SHIB.

According to data from Shibburn.com, SHIB’s burn rate increased by more than 3,674% as voters gathered to vote in the US, an unexpected augment indicative of the coordinated efforts of the SHIB community. In particular, Shibburn highlighted that over 53.3 million SHIB tokens were burned in the last 24 hours alone. Interestingly, further analysis of the data shows that over 28.8 million SHIB tokens were burned in a single transaction.

This augment in SHIB burns has been accompanied by a significant augment in its market value, with the SHIB rate increasing by as much as 10% in the last 24 hours. This allowed SHIB to make consecutive declines above $0.000017, $0.000018, $0.000019 and $0.000020 in quick succession.

Despite the noticeable augment in Shiba Inu prices, its meme counterpart, Dogecoin, recorded higher profits. Dogecoin in particular has surged by around 20% in the last 24 hours, recently breaching the $0.2 mark again for the first time since April 2024.

Can SHIB continue to grow with Dogecoin?

Historically, both Shiba Inu and Dogecoin we observed simultaneous price movementsespecially when interest in one coin translates into higher trading volume in the other. The recent jump in SHIB’s burn rate is fueling the debate on which token may lead in the coming rallies, especially as DOGE sees a steady augment in interest.

However, as both SHIB and DOGE continue to see increased trading activity, both cryptocurrencies are expected to continue rising for the rest of the month. As such, we could see SHIB alongside Dogecoin set a novel high for 2024 in November before both finally decided to challenge their all-time highs.

Both SHIB and DOGE have seen slight declines following recent gains, likely due to profit-taking as some index holders lock in profits ahead of another possible rally. 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

Featured image created with Dall.E, chart from Tradingview.com