Source of the original article: Cryptographic Ah Yao

Coincidentally or not, Shiba Inu [SHIB] has recently caused a stir in the cryptocurrency space, with the Shiba Inu destruction rate soaring by an astonishing 3,674% on US presidential election day.

SHIB has traditionally relied on its burning mechanism to send tokens to inaccessible wallets to reduce supply and increase value.

However, the timing of this surge is remarkable.

This surge has drawn attention, as well as renewed attention to SHIB's price, as traders took advantage of election dynamics, causing the price of SHIB to rise.

What is behind Shiba Inu burns?

As BTC hits new highs, the memecoin market is certainly bustling, which is often the catalyst for a broader rise in the cryptocurrency market.

DOGE's performance was impressive, with a weekly increase of 12%. Its rise is due in large part to Elon Musk's influence.

However, this cycle seems to be different from the previous one.

Unlike previous memecoin gains, this is not a “supercycle”. In the “supercycle,” various memecoins such as Popcat [POPCAT], dogwifhat [WIF], and other memecoins did not rise at the same time.

These once excellent currencies are now losing money, which indicates that investor sentiment may be changing.

AMBCrypto examined how Shiba Inu's destruction strategy capitalized on this shift, with SHIB still hovering in a profitable state.

According to the chart, the consumption rate of Shiba Inus rose sharply on election day.

Over 53 million SHIB tokens were burned in 24 hours, including nearly 29 million tokens destroyed in a single transaction.

This destruction craze helped SHIB achieve a daily increase of over 6%. However, its price remained low for 8 months and failed to retest the median price of $0.000030.

Conventional destruction may not be enough to trigger a breakthrough. At press time, SHIB was trading at $0.000018 and would need to break through the $0.000020 threshold to achieve any meaningful increase.

Looking ahead, SHIB may need to use DOGE's momentum to maintain its bullish outlook and capitalize on potential future gains.

Is DOGE the secret catalyst for SHIB?

The surge in SHIB trading activity comes at a time when Dogecoin's price is rising sharply. Over the same period, Dogecoin's price surged 20%, recently breaking the $0.20 mark for the first time since April.

Historically, these two major meme coins have often moved at the same time, and interest in one will stimulate activity in the other.

As the trading volume of the two currencies rises, SHIB is likely to follow in Dogecoin's footsteps as the cryptocurrency market continues to fluctuate.

The day after the election results were announced, there was a marked increase in whale holdings, which is beneficial to cryptocurrency enthusiasts. Approximately 0.8 billion DOGE tokens have been withdrawn from exchanges.

This trend confirms DOGE's potential to lead the bull cycle, especially as market fluctuations drive investors to high-cap tokens.

SHIB can play a role. As the second-largest memecoin by market capitalization, SHIB benefits from its destruction strategy and the growing appeal of DOGE.

If this trend continues, SHIB could test the $0.000020 range. This is the key to breaking through the 8-month consolidation and a possible rebound to $0.000030.

Therefore, tracking DOGE's movements is critical to predicting SHIB's next move.