Shiba Inu (CRYPTO: SHIB) is seeing a fresh increase in burn rates as the community celebrates notable developments.

What Happened: Shiba Inu's burn rate surged by 1,197.5%, with a single transaction burning 24.8 million coins around 14 hours ago, according to Shibburn data. Over the past 24 hours, two transactions each burned more than 1 million coins.

Shibarium Network, Shiba Inu's Layer-2 blockchain, celebrated its first birthday, with more than 417 million transactions processed and 1.8 million wallets created. The achievements include the execution of three major hard forks, new tokens K9 and BadToken on K9Finance, and a third-party bridge called Hoichi.

Lucie, the marketing lead of Shiba Inu, spotlighted in her latest post Bone as a crucial part of the governance and the technological infrastructure of Shiba State. Bone now serves as the gas token for Shibarium, the layer-2 solution designed to enhance transaction speed and efficiency.

Also Read: 'Dogecoin Killer' Shiba Inu Fires Up The Burn Rate To 1,089%: What Is Going On?

Why It Matters: IntoTheBlock data shows a 55% increase in large transaction volume and an 8.8% rise in daily active addresses. Transactions greater than $100,000 over the past seven days amounted to $103.6 million. 73% of SHIB is in the hands of large holders, while 78% of holders have been accumulating SHIB for more than a year.

Crypto trader Haejin predicts more upside to come for Shiba Inu.

: #SHIB is sporting three wave swings. Current swing has one more upside to come.....profit from it! pic.twitter.com/IG7RrsfbBL

— Haejin (@Haejin_Crypto) August 21, 2024

Price Action: In the past 24 hours, SHIB is trading 0.9% higher, adding to its past seven-day gains of 7.4%.

What's Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

• Will 'Dogecoin Killer' Shiba Inu Surge 500% Soon? Technical Analysis Says It Could, But The US Government Plays A Crucial Role

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