We investigate the Coulomb dissociation of 8B on 208Pb target at the beam energy of 250 MeV/nucleon, employing the cross sections for the radiative capture reaction 7Be(p,gamma)8B calculated within the Shell Model Embedded in the Continuum (SMEC) approach. In contrast to the situation at lower beam energies, the Coulomb breakup cross sections are found to be sensitive to the M1 transitions. Comparisons of SMEC and single-particle potential model predictions show that the Coulomb breakup cross sections at these high energies are sensitive to the structure model of 8B. Analysis of the preliminary data taken recently at GSI reveal that E2 multipolarity contributes up to 25 % to the cross sections even for the relative energies of p - 7Be below 0.25 MeV.