Shiba Inu Price Soars 35% on a Dull Day as Whale Returns With Massive SHIB Purchase
In another relatively uneventful trading weekend, most cryptocurrencies remained sideways, but the second-largest meme coin by market cap, Shiba Inu (SHIB), exploded 35%, offering a rare reminder of the niche’s past volatility.
The popular meme coin began its ascent on Saturday evening, rising from below $0.0000042 to $0.0000058 earlier today, marking its highest price in over two months. This surge pushed SHIB’s market capitalization above $3.3 billion on CoinGecko, solidifying its position as the second-largest meme coin. SHIB had previously been rejected at $0.0000067 in May, followed by a correction to a multi-year low near $0.000004.
The rally appears tied to several on-chain factors. A SHIB whale resumed accumulation after over six months of inactivity, spending $125,000 to acquire over 30 billion tokens. While a single purchase does not guarantee a 35% jump, it may have served as a signal for other investors. Additionally, the SHIB token burn mechanism saw a massive 3,200% increase in the past day, reducing circulating supply—a typically bullish indicator. Data from CryptoQuant also shows a decline in SHIB coins stored on exchanges over recent weeks. Meanwhile, some analysts point to breakouts of key resistance levels and trendlines, with the community celebrating the move as a payoff after years of holding.