November was a significant month for Shiba Inu (SHIB) marked by substantial token burns and notable price movements. According to Shibburn, a total of 3,162,301,655 SHIB tokens were burned throughout the month, spread across 167 transactions.
Shibburn stated in a recent tweet: “3,162,301,655 SHIB tokens have been burned in November with 167 transactions.” Despite the impressive amount, this represents a 48.45% drop in the monthly burn rate.
Meanwhile, SHIB’s price closed November higher by 50%, fueled by positive sentiment and ecosystem developments.
🔥🔥🔥 3,162,301,655 $SHIB tokens have been burned in the month of November with 167 transactions. #SHIB pic.twitter.com/nFdb3A2myv
— Shibburn (@shibburn) December 1, 2024
Shiba Inu prices reached a high of $0.00003 in November, a level not seen since late March. Shiba Inu has kicked off December on a strong note, already up 16% on the first day of the month.
November also saw notable updates to Shibarium, the Layer-2 scaling solution designed to enhance transaction efficiency and reduce costs within the Shiba Inu ecosystem. The updates aimed to improve network functionality and expand utility for developers and users alike.
Shibarium scores new update and milestone
On Nov. 29, Shiba Inu developer Kaal Dhairya informed the Shiba Inu community of an important update to the Shibarium network. The Shibarium bridge saw a critical security upgrade over the weekend.
Work continues on upgrades for the burn contracts, which will continue into this week. In November, the Shibarium Token Asset Repository went live, allowing owners of Ethereum Sepolia and Shibarium Puppynet to be able to add images and metadata to increase visibility.
Shibarium also hit a significant milestone of 500 million transactions; its total value locked has reached a new all-time high of $9.92 million, representing a 13.26% rise in the last 24 hours.
Shibarium’s Layer-2 network will undergo a critical hard fork early next week, on Tuesday morning, India Standard Time (late Monday in Western time zones). This upgrade is designed to address scalability issues, increase transaction speeds and improve overall network performance.
