The dog-themed meme cryptocurrency Shiba Inu has surged by 17.7% today and an impressive 30% over the last week.

This upward trend represents the highest value for Shiba Inu (SHIB) since April 1.

Numerous reports indicate that this rally is driven by a remarkable burn rate increase of over 7,400% and a decrease in supply. It remains to be seen if this momentum can be maintained.

In a post on Nov. 21, Analyst Ali Martinez forecasted that SHIB might rise to $0.000037 — 54% higher than its price at that time.

Another analyst, Javon Marks, predicted a possible surge to $0.000081, signifying an increase of over 200%.

Shiba Inu Tokens Continue to Burn

On Sunday, Shiburn data reported a staggering 984.26% increase in Shiba Inu token burns over the last seven days, with the circulating supply now around 589.2 trillion.

Crypto.news has previously noted that Shibarium, its layer-2 blockchain, processed over 541 million transactions in recent months.

Observers highlight that the expansion of the network is positive for SHIB, as transaction fees collected in BONE tokens are partly converted into SHIB and burned, which further reduces supply.

BONE serves as the governance token within the Shiba Inu ecosystem, allowing holders to engage in decision-making through the Doggy DAO.

It plays a critical role in the Shibarium Layer 2 blockchain, used for paying gas fees and rewarding validators and delegators. Its importance underscores Shiba Inu’s evolution from a meme token to a comprehensive blockchain initiative with decentralized governance and utility.

There’s also a noticeable trend of SHIB whale accumulation. According to IntoTheBlock, net inflow from large holders increased by 256% on Nov. 21, with whales acquiring 393.48 billion SHIB tokens valued at over $9.8 million, compared to a $6 million sell-off the day before.

The anticipated surge of Bitcoin (BTC) to $100,000 could further stimulate the Shiba Inu surge.

Shiba Inu was initiated as a community-driven cryptocurrency project, heavily inspired by Dogecoin (DOGE), branding itself as the “Dogecoin Killer.”

In contrast to conventional cryptocurrencies, Shiba Inu has focused on decentralization and a grassroots approach, depending on its community, known as the “Shib Army,” for its growth and adoption.

The token’s creator, who remains anonymous under the pseudonym “Ryoshi,” has stated that they consider themselves unimportant and that the project truly belongs to its community.