Cryptocurrency Shiba Inu (CRYPTO: SHIB) has surged, reaching an eight-month high amid a meme coin rally.

What Happened: On Sunday, Shiba Inu, the second-largest dog-centric cryptocurrency by market capitalization, surged. The Ethereum-based token spiked to $0.00003061. SHIB is up by more than 13% for the day. The last time Shiba Inu hit such a high was on April 1.

SHIB has seen a massive 7,400% increase in its weekly burn rate, with around 2 billion tokens being destroyed. This development has sparked renewed optimism about SHIB’s price potential.

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

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

Increasing Shiba Inu whale accumulations have also added to market optimism surrounding the coin’s price action ahead. According to a report, a major whale to have continued acquiring the token amid a bull market.

Also Read: Crypto Analyst Sees Shiba Inu Surging More Than 2,000% In Coming Rally

Among the top 50 cryptocurrencies by market cap, SHIB is the leading gainer, with Filecoin (CRYPTO: FIL) trailing with a 10% increase. While Shiba Inu leads the pack, other dog-themed meme coins have displayed mixed performance.

Dogecoin (CRYPTO: DOGE), the 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 it has soared by 164% over the past month.

Bonk (CRYPTO: BONK) and Dogwifhat (CRYPTO: WIF) have each recorded modest gains of roughly 1% over the past 24 hours.

However, Floki (CRYPTO: FLOKI), another Ethereum-based token, has surged by nearly 6% today.

Why It Matters: The recent surge in Shiba Inu’s price highlights the growing popularity of meme coins in the cryptocurrency market. These digital assets, often inspired by internet culture and memes, have been gaining traction due to their potential for high returns.

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

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