The cryptocurrency Shiba Inu has experienced a significant surge, reaching an eight-month peak during a rally in meme coins, according to media reports.

On Sunday, Shiba Inu, the second-largest dog-themed cryptocurrency by market capitalisation, climbed to $0.00003061, reflecting a more than 13% increase for the day. This marks the highest level SHIB has achieved since April 1.

In addition to its price surge, Shiba Inu has recorded an astonishing 7,400% rise in its weekly burn rate, with approximately 2 billion tokens being eliminated from circulation. It has reignited optimism regarding SHIB’s price potential.

According to the official tracker Shibburn, the weekly burn rate for SHIB surged by 7,418% on Saturday, coinciding with the removal of 1.93 billion coins from the meme token’s market supply.

At the time of reporting, the total supply of Shiba Inu stood at 589.26 trillion tokens. Growing accumulations by Shiba Inu whales have further fueled market optimism regarding the coin’s price trajectory, with reports indicating that a significant whale continues to acquire the token amid the ongoing bull market.

Among the top 50 cryptocurrencies by market capitalisation, SHIB is the leading gainer, outpacing Filecoin (FIL/USD), which has increased by 10%. While Shiba Inu leads the market, other dog-themed meme coins have shown mixed results.

Meanwhile, Dogecoin, the most recognised meme coin, is approaching a one-week high with its price currently above $0.43, reflecting a 3% daily increase. Last Saturday, DOGE reached a three-year high of $0.475 and has surged by an impressive 164% over the past month.