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.
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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.