The popular meme-based cryptocurrency, Shiba Inu ($SHIB), has enjoyed a remarkable 300% price increase within the last week. The reason behind the sudden surge isn’t entirely clear, but its sustained growth over the last six months aligns with broader positive trends in the crypto market.

Image by <a href="https://www.tradingview.com/symbols/SHIBUSDT/">TradingView</a>
Image by TradingView

The rise in $SHIB‘s value coincides with impressive milestones achieved by Shibarium, the Shiba Inu ecosystem’s layer-2 solution. The network’s transaction volume is rapidly approaching 400 million, with over 3.5 million blocks and in excess of 1.35 million unique wallet addresses. These statistics are strong indicators of Shibarium’s increasing popularity.

Adding to investor enthusiasm, the rate at which SHIB tokens are being “burned” (removed from circulation) has increased by a massive 90% in just 24 hours. This deflationary mechanism has resulted in 130 million tokens being taken out of supply.

Further analysis reveals intriguing shifts in whale investor behavior. Lookonchain, an on-chain analytics firm, observed an Ethereum address that reaped major profits from $PEPE (another meme-inspired token). Following the gains, this whale diversified by acquiring a substantial 75.9 billion Shiba Inu tokens, currently valued near $893,000 USD. This move implies confidence in SHIB’s potential for continued growth.

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