Self-proclaimed "Dogecoin killer" Shiba Inu (SHIB) is up 10.12% over the past 24 hours, per data from CoinMarketCap data. Several dog-themed cryptos were likewise posting gains, with a 24% rise in market capitalization for this category of assets in the last 24 hours.
The latest increase in dog-themed cryptocurrencies comes as Tesla CEO Elon Musk tweeted an image of a dog wearing a t-shirt with the Twitter logo alongside a Halloween pumpkin.
We are getting dog season in early November for a second consecutive year https://t.co/2roMHnpMpY— Alex Krüger 🇦🇷 (@krugermacro) November 1, 2022
Crypto analyst and trader Alex Kruger comments on the recent price climb for dog cryptos: "We are getting dog season in early November for a second consecutive year."
Shiba Inu ended October higher following a surprising rally toward the close of the month. SHIB's price increased by over 30% on Oct. 29 to $0.00001519, the highest price since August 2022. The upswing on Shiba Inu was part of a bigger increase that began on Oct. 25, which caused its price to increase more than 54% within this period.
SHIB retreated shortly after as buyers took profits. Investors took the chance to buy the dip at $0.0000115, which propelled SHIB higher on Oct. 31. At the time of publication, SHIB was changing hands at $0.00001323 while demonstrating a seven-day price gain of 34%.
881 million SHIB burned in October
According to data from Shiba Burn Tracker, the month of October saw a significant amount of SHIB burned, though still less than usual.
A total of 881,736,643 SHIB tokens were burned in October with 176 transactions.
🔥🔥🔥 881,736,643 $SHIB tokens have been burned in the month of October with 176 transactions. #shib #shibarmy— Shibburn (@shibburn) November 1, 2022
Meanwhile, over 23,232,755 SHIB tokens have been burned over the past 24 hours. The burn rate was down, however, demonstrating an inverse relationship with the price.