The second-largest meme coin was relatively sluggish in the past few weeks but managed to break out today and tap a new multi-month peak of over $0.000033.

As such, it briefly re-entered the top 10 altcoins by market cap, but the subsequent retracement pushed it back to 11th spot after Avalanche.

SHIBUSD. Source: TradingView Shiba Inu, alongside the rest of the crypto market, benefited substantially of Donald Trumps landslide win in the November US presidential elections. It stood below $0.000017 at the time but quickly soared past $0.00003.

However, it slipped in the following weeks to $0.000025, where it stood from November 12 to earlier today. In a somewhat surprising move during the weekend, the second-biggest meme coin shot up by more than 22% and soared past $0.000033 for the first time since March this year.

Although it has retraced slightly, it still trades above $0.00003 and its gains on a 24-hour scale sit at 15%. This price rally came amid a massive rise in the SHIB burn rate on a weekly scale, according to Shibburn.

HOURLY SHIB UPDATE$SHIB Price: $0.00003185 (1hr -0.64% ▼ | 24hr 17.84% ▲ )

Market Cap: $18,780,263,000 (17.89% ▲)

Total Supply: 589,259,826,175,294

TOKENS BURNT

Past 24Hrs: 15,108,278 (-97.88% ▼)

Past 7 Days: 2,161,898,903 (985.19% ▲)

The Shiba Inu community was quick to pick up and celebrate the move, with many predicting even more impressive gains in the future. Some slightly exaggerated forecasts envision a further 10,000% surge for the token, which would make it by far the biggest in the crypto market.

SHIB_KNIGHT was more modest but still predicted a new all-time high for SHIB after todays surge. Its worth noting, though, that the meme coin is still 64% away from its peak reached over three years ago. Its price would almost need to triple from its current levels to exceed the $0.000086 reached on October 28, 2021 (CoinGecko data).

New ATH Journey started for $SHIB https://t.co/ieWxBACMlU pic.twitter.com/X0jLPKevQk