The Shiba Inu (SHIB) price has experienced ups and downs over the past few days, reflecting the overall performance of the cryptocurrency market.

However, over the past day, the popular dog meme-themed coin has surged, recording a notable price increase along with other key metrics.

SHIB price increased 6.5% daily

SHIB's 7-day chart, like many other altcoins, looks like the Mariana Trench.

The meme coin, following on the heels of Bitcoin and other major altcoins, fell in price late last week but found a temporary bottom and recovered.

SHIB price is still down 2.7% over the past seven days, but has increased an impressive 6.5% over the past 24 hours, currently trading around $0.00001637.

SHIB's important indexes also increased sharply

While this recovery follows the broader cryptocurrency market's uptrend over the past few days, it is important that two indices related to SHIB are also rising.

The first indicator is the burn rate. With each SHIB transaction, a small portion of the total supply is destroyed forever. In the past 24 hours, it has skyrocketed nearly 800%, leading to the destruction of about 18 million tokens.

Although the equivalent USD value of SHIB tokens burned is insignificant, continuous efforts in this area aim to create a positive impact on the market.

The second indicator that increased significantly was shark activity. Data from popular analytics firm IntoTheBlock shows that the meme coin's trading volume has increased about 180% in the past 24 hours.

The company's summary for SHIB is mostly bearish, but if the bulls can maintain the pace of the past few days, the meme coin could potentially make a comeback.