Shiba Inu coin — the meme-based cryptocurrency that has been popularized by Tesla CEO Elon Musk — just saw another major surge in price and volume.

Driving the news: Shiba Inu coin’s transaction volume jumped by 288% in recent days, allowing the price to rally upward by 21%, per Yahoo! Finance.

  • Shib has also worked hard to limit its circulating supply, which increases the value of an individual coin due to its rarity.
  • On Tuesday, Shiba Inu burning data firm ShibBurn said more than 303.68 million SHIB were burnt within 24 hours — a sign that the coins will become more valued in the near future, per Benzinga.
What happened to Shib coin during the recent crypto drop?
Why Shiba Inu coin recently spiked because of Elon Musk

Flashback: All cryptocurrencies have been looking to rebound after the cryptocurrency market saw a $130 billion drop in value in a 24-hour period back in January, per CNBC.

  • Even meme-based cryptocurrency coins — like the Shiba Inu coin and Dogecoin — saw a massive drop, which I wrote about for the Deseret News.
  • “A widespread selloff in cryptocurrencies saw the most speculative tokens lose significant ground, as risk-averse attitudes pushed investors away from meme assets,” Bloomberg reports.

What to know: Shib coin is currently trading at $0.00002783, which represents a 16% increase in the last seven days, Benzinga reports.

What’s next: Shiba Inu coin is posed for “an explosive rally” that will see the coin reach $0.0000500 in value, according to FX Street.