• Shiba Inu burn rate surged on election day, fueled by the SHIB community. 
• Despite a slight price rise, a breakout still depends on DOGE’s momentum.

Coincidence or not, Shiba Inu [SHIB] recently caused a stir in the crypto space with a staggering 3,674% surge in Shiba Inu burn rate on U.S. presidential election day.

SHIB traditionally relies on its burning mechanism, sending tokens to inaccessible wallets to reduce supply and boost value. 

However, the timing of this surge is noteworthy.

The spike drew attention and coincided with renewed interest in SHIB’s price as traders capitalized on election dynamics, causing SHIB’s price to climb.

What is behind the Shiba Inu burn?

The memecoin market has certainly been buzzing as BTC claimed a new ATH, which is typically a catalyst for broader crypto market rallies. 

DOGE’s[DOGE] performance, with a 12% weekly gain, is a clear standout. Its rise was largely attributed to Elon Musk’s influence. 

However, this cycle seemed different from the previous one.

Unlike past memecoin rallies, this is not a “supercycle” where a wide range of memecoins like Popcat [POPCAT], dogwifhat [WIF], and others surged in tandem.

These coins, once high performers, are now posting losses, signaling a potential shift in investor sentiment.

AMBCrypto examines how Shiba Inu’s burn strategy has capitalized on this shift, with SHIB

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Author: Ripley G