Shiba Inu (CRYPTO:SHIB), the second-largest meme coin by market capitalisation, has experienced a dramatic 2,300% increase in daily transaction volume for transactions exceeding $100,000, reaching $223 million.

This surge aligns with a 7% rise in SHIB's price over the past 24 hours.

Contributing factors include significant token burns, with over 200 million tokens destroyed in the past week, and improvements to its layer-2 scaling solution, Shibarium.

Additionally, the adoption of SHIB as a payment method by CoinGate has enhanced its utility and market presence.

These developments have collectively driven SHIB's recent market performance.