- Shiba Inu’s burn rate surged over 2,000% on November 30, leading to a significant price increase.
- SHIB’s value jumped 11% in 24 hours, breaking a weekly losing streak and showing over 60% monthly growth.
- Recent Shibarium bridge upgrades and an upcoming hard fork are set to enhance transaction speeds and scalability.
Shiba Inu burn rate has climbed tremendously on the last day of the month. As a result, SHIB has surged in value, becoming one of the most profitable currencies of the week.
Data from ShibaBurnTracker shows that on November 30, over 1.17 billion SHIB were burned, by far the most tokens burned out of the last 30 days. Overall, the memecoin’s burn rate grew by over 2,000% due to the sudden massive burn.
This huge SHIB incineration was driven by an anonymous investor who burned over one billion SHIB by itself. Overall, the tremendous amount of tokens removed from circulation may have helped SHIB to break from a sideways trading scenario.
Shiba Inu went from $0.00002579 to the current $0.00002872 over the last 24 hours, marking an impressive 11% growth in this short timeframe. Furthermore, this price movement has helped the memecoin to break free from a a losing streak on the weekly charts, currently up by 5.19% during the last 7 days.
The monthly charts reveal a more optimistic scenario, with SHIB up by over 60% in value. While this performance is overwhelmingly positive, it still trails behind its main competitor in the memecoin market, Dogecoin, which saw a growth of over 160% during the month, according to CoinMarketCap.
However, this trend is beginning to show signs of a reversal as Shiba Inu is not only beating Dogecoin on the 7-day chart but also the intraday one. This performance provided a much-needed relief for SHIB holders, who have a lot to look forward to in 2025.
Just today, the development team of Shibarium successfully completed an emergency security upgrade for the Shibarium bridge that connects Ethereal to Shiberium. The upgrade is set to lead directly into the upcoming hard fork next week — that promises to revamp the blockchain with higher transaction speeds and more robust scalability.
