Shiba Inu (SHIB) Surges 11% in a Day as Burn Rate Spikes 2,000%

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.

Shiba Inu (SHIB) experienced a remarkable surge in burn rate on the last day of November, thanks to the massive incineration of over 1.17 billion SHIB tokens, as reported by ShibaBurnTracker. This burn rate increase of over 2,000% is the highest among the last 30 days.

The large SHIB burn was primarily driven by an anonymous investor who burned over one billion SHIB tokens. As a result of this massive token removal from circulation, SHIB was able to break free from a sideways trading pattern.

Over the last 24 hours, Shiba Inu's price surged from $0.00002579 to $0.00002872, indicating an impressive 11% growth. This price movement helped the memecoin recover from a losing streak on the weekly charts, with an increase of 5.19% over the last 7 days.

On the monthly charts, SHIB performed exceptionally well, rising by over 60%. However, despite this impressive performance, SHIB still lags behind its main competitor in the memecoin market, Dogecoin (DOGE), which experienced a growth of over 160% during the month, according to CoinMarketCap.

Interestingly, the tables are turning as SHIB is now outperforming DOGE on both the 7-day and intraday charts. This strong performance bodes well for SHIB holders, especially considering the upcoming Shibarium launch and the anticipation of further SHIB burns in 2025.

In other Shiba Inu-related news, the Shibarium development team announced the successful completion of an emergency security upgrade for the Shibarium bridge that connects Ethereal to Shiberium. This upgrade will pave the way for the upcoming hard fork, which promises to enhance the blockchain's transaction speeds and scalability.