Shiba Inu Rebounds With Record-Breaking SHIB Burns and Shibarium Transactions Boom

November has been a turbulent month for the Dog-themed meme cryptocurrency Shiba Inu, but in the ongoing month, it has started to pick up momentum. This surge would likely be associated with the growing interest among investors influenced particularly by the heightened burn activity and increased transactional activity on Shibarium,

The fundamental developments are the current subject of much speculation and discussion, especially among followers of meme coins and the dedicated SHIB community. In addition, with the SHIB price also developing a bullish chart setup, the holders witnessed a continuation of the recovery trend.

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.

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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.

SHIB/USD in Daily Timeframe Chart

In the daily time frame chart, the Shiba Inu price shows the formation of a bullish flag pattern. Concerning this setup, the last correction phase in this meme coin was an integral part of the long-term rally, allowing the buyers to recuperate the bullish momentum.
On December 2nd, the SHIB price gave an upside breakout from the upper trendline, indicating the resumption of the recovery trend, if the coin price shows sustainability above the breached trendline, the buyers may drive the prices 36% higher to hit $0.0000152, registering 36% growth from the current price.

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