- Shiba Inu (SHIB) has been gaining popularity among investors in recent days, catching the attention of crypto enthusiasts.
- The increased burning activity on Shibarium and the rising transactions have sparked speculation and discussions in the market, especially among meme coin enthusiasts and the SHIB community.
- In a dynamic week for Shiba Inu, the burning rate increased impressively by 287.33%, with 507.02 million SHIB tokens burned in the last seven days.
While SHIB token burns have seen a significant increase in recent days, transactions on the Shibarium network have reached a record high!
Rising SHIB Token Burns and Increased Interest in the Network
Shiba Inu (SHIB) has gained popularity among investors in recent days, catching the attention of crypto market enthusiasts. During this period, the Shibburn platform, providing information about SHIB’s burning rate, reported a significant increase in burning activity.
Simultaneously, the Shibarium platform experienced a notable increase in transaction numbers, raising investor curiosity. The increased burning activity on Shibarium and the rising transactions have sparked speculation and discussions in the market, especially among meme coin enthusiasts and the SHIB community. The growing interest particularly reflects the dynamic nature of the cryptocurrency market and the continuous evolution of the Shiba Inu ecosystem.
In a dynamic week for Shiba Inu, the burning rate impressively increased by 287.33%, with 507.02 million SHIB tokens burned in the last seven days. Particularly on November 27, a massive burning rate increase of 500,000% within a 24-hour period contributed significantly, burning 264.20 million SHIB tokens. Following that, on November 28, another significant increase of 10,653.65% in the burning rate occurred within the same time frame, burning 297.57 million SHIB tokens.
During the past week, the highest burning transactions were 261.40 million, 109.19 million, 82.86 million, and 21.52 million, respectively. This recent burning activity brought the total burned SHIB token count to 410.66 trillion, leaving the circulating supply at 580.49 trillion.
Meanwhile, Shibarium, the Layer 2 blockchain network associated with Shiba Inu (SHIB), continues to operate successfully, providing a scaling solution for faster and cost-effective transactions within the Shiba ecosystem. In the meantime, Lucie, the technology and marketing expert for Shiba Inu, reports a record-breaking 5.11 million daily transactions, attributing the success to increased traffic, rising gas prices, and increased burning activity.
During this process, the platform achieved a total of 1.90 million blocks, surpassed 13.26 million transactions, and exceeded 1.27 million wallet addresses. Lucie emphasizes the slow but steady growth of Shibarium, highlighting that this resilience demonstrates its resistance to evolving market dynamics.
Shiba Inu Price and Performance
As of the time of writing, Shiba Inu’s price is trading at $0.00000848, showing a 1.18% increase, but the 24-hour trading volume decreased by 16.32% to $97.59 million. Meanwhile, the meme coin gained approximately 1.2% in the last seven days and saw a 5% increase in its 30-day price.
Some analysts attribute the recent price increase of Shiba Inu to the growing burning activities and increased transactions on Shibarium. Particularly, these updates have generated optimism among crypto enthusiasts and increased participant confidence in the cryptocurrency.
However, the recent surge could also be attributed to the overall bullish momentum seen in the market and Bitcoin reaching a new yearly high today. At the time of writing, the global crypto market increased by 0.76%, reaching $1.46 trillion. Notably, the price of Bitcoin reached $38,999 today, reflecting the increasing interest of traders in the digital asset space.
