Burn levels in Shiba Inu spiked on Election Day, helped by the SHIB community.
Prices have risen slightly, but a breakout still depends on DOGE's momentum.
Coincidentally or not, Shibai [SHIB] recently caused a stir in the #cryptocurrency space by posting a staggering 3.674% appreciation on the day of the U. S. presidential election.
#SHIB traditionally relies on its burn mechanism, which sends tokens to unaffordable wallets to reduce supply and increase value.
However, the timing of this surge is noteworthy. The surge attracted attention and coincided with renewed interest in the price of SHIBs as traders capitalized on the election momentum and drove up the price of SHIBs.
What caused SHIB to soar?
The resurgence of ATH BTC has certainly boosted the mencoin market, which is usually the catalyst for growth in the cryptocurrency market as a whole.
Among them stands out #DOGE [DOGE], which #rose by 12% during the week. However, this cycle seems to be different from previous ones. Unlike past mimcoin rallies, this is not a "supercycle" where a wide range of mimcoins, such as Popcat [POPCAT] and dogwifhat [WIF], rose in tandem.
These once-performing coins are now suffering losses, signaling a potential shift in investor sentiment. AMBCrypto examines how Shiba In's burn strategy took advantage of this shift.
Graphs show that Shiba Inu burn rates spiked on Election Day.
In less than 24 hours, more than 53 million SHIB tokens were burned, including nearly 29 million tokens traded.
As a result of this meteoric rise, SHIB rose in price by more than 6% in a day. However, prices have remained flat for eight months and have not been able to break through the $00,00030 mark.
A regular explosion alone may not be enough for a breakout. At the time of publication, SHIB was trading at $00,018, and it needs to cross the $00,00020 threshold for a significant rally.
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