Shibburn Explodes by 499,416%, Placing SHIB on Verge of Breakout

Gearing for a breakout? SHIB dwells around the $0.000008 support area as Shibburn goes parabolic.

Shiba inu screaming from a megaphone his ship is on fire
Created by Kornelija Poderskytė from DailyCoin
  • After weeks of stillness, Shibburn comes back strong with 13 contributors.
  • Shibarium L2 daily transactions have surged 300% since November 21, 2023.
  • SHIB price maintains momentum amid a market-wide altcoin correction.

Shiba Inu’s official cryptocurrency burning tracker, Shibburn, reported an unforeseen surge in SHIB burning over the last 24 hours. A whopping 264,204,009 SHIB tokens were set ablaze, totaling $2,245 in 13 transactions to dead on-chain wallets. Five hours ago, one Good Samaritan burned 261,408,966 tokens in a single transaction; the SHIB community praised the move on X.

The price roller coaster for Shiba Inu escalates with the canine coin sustaining the $0.000008 key support line for five days in a row.  As most altcoins face a slight market correction this Monday afternoon, SHIB picked up 1.3% gains in the last 24 hours and now trades at $0.00000846, according to independent price aggregator CoinGecko.

SHIB Monthly Upswing Bolstered by Shibarium

Besides the burn count, another significant reason for SHIB’s 8.6% monthly increase is Shibarium. The Layer-2 scaling network solution shows high demand for usage in several key metrics: crypto wallet addresses, total transactions, and average block production time. 

Currently, Shibarium L2 encompasses over 1.2 million cryptocurrency wallets, while the transaction count recently hit 4,206,686, according to the on-chain signals provided by blockchain explorer ShibariumScan.io.

Shibarium’s average block production time has increased from five seconds to 8.3 seconds, and it currently has 1.83 million on-chain blocks in creation. Notably, this slightly prolonged block production time is concurrent with the increased developer activity on the network, with MARSWAP DEX now dominating 52.02% of Shibarium L2.

On the Flipside

  • The expansion of Shibarium L2 came with heavy bumps in the road, as the total value locked (TVL) on the mainnet slumped from $1.44M recorded weeks after launch to $686,485 today.
  • SHIB Army members on Twitter are setting the next target to 1B $SHIB tokens blazed a day, while many members calculate that trillions of $SHIB would have to be burned daily for $SHIB to eat a zero.

Why This Matters

Cryptocurrency burning is an efficient way of maintaining the coin’s long-term price. Layer-2 blockchains offer builders a wide range of scaling options, while memecoins can expedite this innovation through mass appeal.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.