Dogecoin Rallies While Shiba Inu’s Burn Rate Stalls

Dogecoin Surges While Shiba Inu's Burn Rate Plummets

Over the past week, Dogecoin (DOGE) has witnessed a substantial 13% surge in value, leaving Shiba Inu (SHIB) behind, which experienced a 2% decline during the same period.

Shibburn reports indicate that SHIB's burn rate has completely halted within the last 24 hours, with no tokens incinerated. Despite a total of 410 trillion SHIB burned so far, the ecosystem still holds a vast supply of 999 trillion tokens. This significant drop in burn activity may account for SHIB's underperformance.

In contrast, DOGE has demonstrated impressive growth, gaining 29.8% over the past 30 days and exhibiting strong fundamentals for potential short-term gains. While SHIB has also experienced an increase of 23.6% within this period and a remarkable 139.1% surge since October 2023, it remains behind DOGE's 106% growth over the past year.

At the time of writing, SHIB trades at $0.00001787, a significant 79.79% below its peak value of $0.00008845, and has declined by 0.5% in the past 24 hours. Meanwhile, DOGE holds steady at $0.1395, having gained 0.26% over the same period.

The article was first published by Coin Edition.