3.16 Billion SHIB: What Happened in November?

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As a seasoned researcher with years of experience in the cryptocurrency market, I must say that November was indeed an intriguing month for Shiba Inu (SHIB). The significant token burns and notable price movements have caught my attention, especially considering the impressive amount of tokens burned and the 50% price increase.

Last November witnessed some major events for Shiba Inu (SHIB), characterized by numerous token burns and notable price fluctuations. Based on Shibburn’s records, a total of 3,162,301,655 SHIB tokens were incinerated throughout the month, distributed across 167 separate transactions.

In his latest tweet, Shibburn shared that about 3.16 billion SHIB tokens were destroyed in November through 167 transactions. This is a significant reduction, but it marks a decrease of 48.45% compared to the monthly burning rate.

Approximately 3.16 billion SHIB tokens were destroyed in the month of November through 167 separate transactions. #SHIB

— Shibburn (@shibburn) December 1, 2024

As an analyst, I’ve observed that the price of Shiba Inu peaked at $0.00003 in November, a level not reached since late March. Interestingly, Shiba Inu has started December on a robust note, already experiencing a 16% increase on just the first day of the month.

In November, there were significant improvements made to Shibarium, a Layer-2 platform built to boost transaction speed and lower costs in the Shiba Inu network. These changes aimed at enhancing the network’s performance and expanding the potential uses for both developers and users.

Shibarium scores new update and milestone

On the 29th of November, I, as a researcher, shared with the vibrant Shiba Inu community about a significant advancement in our network – Shibarium. Over the weekend, we implemented a crucial security enhancement on our bridge.

Progress is being made on the burn contract updates, with work ongoing throughout this current week. In November, the Shibarium Token Asset Repository was launched, providing owners of Ethereum Sepolia and Shibarium Puppynet tokens the ability to upload images and metadata to boost their visibility.

Shibarium recently achieved an impressive feat by processing over 500 million transactions. Moreover, the platform’s Total Value Locked (TVL) surpassed its previous record, standing at approximately $9.92 million, marking a 13.26% increase within the last day.

Next week on Tuesday morning, as per Indian Standard Time (which would be late Monday night in Western time zones), Shibarium’s Layer-2 network is set for a significant update. This modification aims to tackle scalability problems, boost transaction speeds, and enhance the network’s overall efficiency.

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2024-12-01 17:47