The digital asset gained as much as 4.8% to $4,459.20, topping the previous record of $4,379.62 in May.
Similar to Bitcoin, funding rates — or the cost of keeping a bullish bet open — have climbed this month on online exchanges.
“On-chain activity metrics for Ethereum appear to have found support and are reaching multi-month highs,” said Sean Farrell and Will McEvoy, digital asset strategists with Fundstrat in a report Thursday.
“So if Shiba Inu generates a lot of traffic, it increases network congestion and contributes to more ETH being burned,” he said.