Shiba Inu Hits Eight-Month High, Up 13% as Meme Coins Rally

Cryptocurrency Shiba Inu SHIB/USD surged, hitting an eight-month high amid a backdrop coin rally.

What happened: On Sunday, Shiba Inu, the second largest dog-centric cryptocurrency by market capitalization, surged. The Ethereum-based token reached $0.00003061. SHIB is up over 13% for the day. The last time Shiba Inu reached such a height was on April 1st.

SHIB saw a massive 7,400% increase in its weekly burn ratewith around 2 billion tokens destroyed. This development has led to renewed optimism about SHIB’s price potential.

The official Shibburn tracker reported a 7,418% increase in weekly SHIB burn on Saturday. This follows the removal of 1.93 billion coins from the meme token’s market supply.

The total meme coin supply stood at 589.26 trillion tokens at the time of reporting.

The growing accumulation of Shiba Inu whales has also added to the market’s optimism regarding the future price action of the coin. According to a report, a major whale has continued to acquire the token amid a bull market.

Also read: Crypto Analyst Sees Shiba Inu Rising Over 2,000% in Next Rally

Among the top 50 cryptocurrencies by market cap, SHIB is the biggest gainer, with Filecoin FIL/USD lagging behind with a 10% increase. While Shiba Inu leads the pack, other dog-themed meme coins have shown mixed performance.

Dogecoin DOGE/USDthe most well-known meme coin, is nearing a one-week high with a current price above $0.43, marking a 3% increase for the day.

Last Saturday, DOGE hit a three-year high of $0.475 and has soared 164% over the past month.

Bonk BONK/USD and Dogwifhat WIF/USD have each posted modest gains of around 1% over the past 24 hours.

However, Floki FLOKI/USDanother Ethereum-based token, surged nearly 6% today.

Why it matters: The recent surge in Shiba Inu price highlights the growing popularity of meme coins in the cryptocurrency market. These digital assets, often inspired by internet culture and memes, are gaining traction due to their high return potential.

However, their volatile nature also presents significant risks for investors. The performance of Shiba Inu and other meme coins like Dogecoin highlights the speculative nature of these investments and the influence of social media trends on cryptocurrency markets.

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