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

SHIB dwells around the $0.000008 support area as Shibburn goes parabolic.

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 (Formerly Twitter).

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

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.