Shiba Inu's burn rate is skyrocketing! Recently, it surged by an incredible 1,198% after a single transaction burned 24.8 million coins. That’s a huge jump! In just the last 24 hours, two more transactions each took out over 1 million coins.

The Shibarium Network, which is Shiba Inu's Layer-2 blockchain, just celebrated its first birthday. It has processed more than 417 million transactions and created 1.8 million wallets. Impressive, right? Some key milestones include three major hard forks, the launch of new tokens called K9 and BadToken on K9Finance, and a third-party bridge named Hoichi.

Lucie, the marketing lead for Shiba Inu, recently highlighted Bone. This token is now essential for the governance and tech infrastructure of Shiba State. Bone also serves as the gas token for Shibarium, aimed at speeding up transactions and improving efficiency.

Looking at the numbers, IntoTheBlock reports a 55% increase in large transaction volumes and an 8.8% rise in daily active addresses. Over the past week, transactions greater than $100,000 totaled $103.6 million. Interestingly, 73% of SHIB is held by large holders, and 78% of holders have been accumulating SHIB for over a year.

In terms of price action, SHIB has seen a 0.9% increase in the last 24 hours. This adds to its gains of 7.4% over the past week.

What’s next? The upcoming Benzinga event on November 19 will explore the impact of meme coins and Bitcoin as an institutional asset class. It’s definitely something to keep an eye on!