Shiba Inu Outperforms Dogecoin with 1 Billion Burn and 11% Growth in 24 Hours
Shiba Inu’s burn rate took a massive leap on November 30, resulting in a notable price increase. In just 24 hours, SHIB’s value shot up by 11%, breaking a week-long losing streak and showcasing an impressive 60% growth for the month.
The surge in SHIB’s value was fueled by a significant burn rate increase, with over 1.17 billion SHIB tokens getting burned on November 30 alone. This spike in burning activity represents a staggering 2,000% growth in the memecoin’s burn rate compared to the previous days.
The bulk of this burning activity was initiated by an anonymous investor who single-handedly burned over one billion SHIB tokens. The substantial reduction in circulating tokens likely contributed to SHIB’s breakout from a stagnant trading pattern.
Over the past 24 hours, Shiba Inu’s price soared from $0.00002579 to $0.00002872, marking an impressive 11% spike. This surge not only helped SHIB break its weekly losing trend, with a 5.19% increase over the past seven days, but also pushed its monthly growth to over 60%. While SHIB still lags behind Dogecoin, which saw a 160% increase in the month, it is making strides on both the weekly and daily charts.
Exciting developments are on the horizon for SHIB, with the completion of Shibarium’s security upgrade paving the way for an upcoming hard fork. Scheduled for next week, this hard fork promises to enhance the blockchain’s transaction speeds and scalability, providing a positive outlook for SHIB holders heading into 2025.
