Shiba Inu (SHIB) has surged 23% in the last 24 hours, which can be attributed to a sharp increase in the token burn rate (up 33,800%) and progress in the development of the second-layer solution, Shibarium.

- SHIB's market cap has surpassed $11 billion, making it the 14th-largest cryptocurrency.

- Token burns have reached nearly $2 billion in a day, helping to reduce the circulating supply.

- Shibarium recently surpassed 7 million processed blocks.

Analysts predict further gains, but reaching an $800 billion market cap is unlikely.