Shiba Inu Soars As Record-Breaking SHIB Burns & Shibarium Transactions Fuel Optimism

The Shiba Inu (SHIB) crypto has surged in popularity among investors in recent days, drawing attention from the crypto market enthusiasts. Meanwhile, Shibburn, a platform providing insights into SHIB’s burn rate, has reported a significant increase in Shiba Inu’s burn activity.

Concurrently, the Shibarium platform has witnessed a notable rise in the number of transactions, adding to investors’ curiosity. This surge in burning activity and increased transactions on Shibarium has fueled speculations and discussions within the market, particularly among meme coin enthusiasts and the SHIB community.

Notably, the heightened interest reflects the dynamic nature of the cryptocurrency market and the ongoing evolution of Shiba Inu’s ecosystem.

SHIB Burn & Shibarium Transactions

In a dynamic week for Shiba Inu, the burning rate surged by an impressive 287.33%, resulting in the burning of 507.02 million SHIB tokens over the last seven days. Notably, a colossal 500,000% surge in the burn rate on November 27, within a 24-hour timeframe, contributed significantly, with 264.20 million SHIB tokens burnt. Subsequently, on November 28, another substantial surge of 10653.65% in the burn rate was witnessed in the same time frame with 297.57 million SHIB tokens burned.

Meanwhile, over the past week, the highest burning transactions were 261.40 million, 109.19 million, 82.86 million, and 21.52 million. Notably, this recent burning activity brings the total burnt SHIB tokens to 410.66 trillion, leaving a circulating supply of 580.49 trillion.

On the other hand, Shibarium, the Layer 2 blockchain network linked to Shiba Inu (SHIB), continues to thrive, offering a scaling solution for faster and more cost-effective transactions within the Shiba ecosystem. Meanwhile, Lucie, Shiba Inu’s technology and marketing specialist, reports a record-breaking 5.11 million in daily transactions, attributing the success to increased traffic, rising gas prices, and heightened burning activity.

Meanwhile, the platform has achieved 1.90 million total blocks, with transactions surpassing 13.26 million, and wallet addresses crossing 1.27 million. Notably, Lucie emphasizes the gradual yet steady momentum in Shibarium’s growth, showcasing its resilience amid evolving market dynamics.

Also Read: Coinbase Announces Polygon (MATIC) And Bitcoin Cash (BCH) Perpetuals

Shiba Inu Price & Performance

The Shiba Inu price witnessed a surge of 1.18% as of writing and traded at $0.00000842 during writing, while its trading volume declined 16.32% to $97.59 million over the last 24 hours. Meanwhile, over the last seven days, the meme coin has added around 1.2%, along with a 5% surge in its 30-day price.

Several analysts attribute the recent rise in Shiba Inu’s price to increased burning activities and a surge in Shibarium transactions. Notably, these updates have instilled optimism among crypto enthusiasts, bolstering confidence among market participants in cryptocurrency.

However, the recent surge could be also due to the bullish momentum witnessed in the broader market, and Bitcoin hitting a new yearly high today. As of writing, the global crypto market was up 0.76% to $1.46 trillion.

Notably, the Bitcoin price has touched a new high of $38,954.11 today, reflecting the increasing interest of traders in the digital asset space.

Also Read: XRP Lawyers Call For Congressional Action On SEC And Gary Gensler

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.