Shiba Inu (SHIB) has soared by 11% in the past week, with the token posting five bullish daily closes in a row.

SHIB hasn’t had a hot streak like this since early March – and meme coin enthusiasts are now debating what’s behind the rise and whether it can be sustained.

In other news, fellow meme coin project Wall Street Memes (WSM) continues to wow the investment community during its presale, raising over $8.7 million in early funding.

Shiba Inu Showcases Stellar Performance to Create Bullish Trend

At the time of writing, SHIB is hovering around the $0.00000718 level following a surprise bullish surge that has left long-term holders delighted.

Before this surge, SHIB had been on an extended downtrend and was trading at lows that hadn’t been seen since September 2021.

However, a clean rejection from the major support zone around $0.0000060 has caused an uptick in bullish momentum – with investors now hopeful that this momentum can be prolonged.

Per CoinMarketCap, over $100 million worth of SHIB was traded in the past 24 hours, making it the 24^th most active cryptocurrency on the market.

In addition, the number of retail investor holdings of SHIB has begun to gradually increase once more – indicating renewed interest from those who had previously been on the sidelines.

SHIB Surge Driven By Positive Market Forces

There doesn’t appear to be any direct news playing into Shiba Inu’s recent rise, with the coin instead benefitting from renewed optimism in the broader crypto market.

One potential reason for this renewed optimism is the Fed’s decision to pause interest rate hikes for the first time since March 2022 – hinting that rates may not need to go any higher.

This is positive news for crypto traders, as it provides scope for interest rates to come down before the end of the year. When interest rates decrease, it makes “risky” assets (like SHIB) more appealing to investors.

Another potential reason for Shiba Inu’s uptick is the significant increase in the SHIB burn rate