Shiba Inu jumped 35% over the weekend, hitting $0.0000058 — its highest price in more than two months. The rally pushed the token's market cap past $3.3 billion on CoinGecko, landing it back among the top 30 cryptocurrencies. A mix of whale activity, a surging burn rate, and falling exchange supply drove the move.
Whale wakes up after six months
A whale that had been inactive for half a year suddenly resumed accumulating SHIB. The address spent $125,000 to buy over 30 billion tokens. The timing is notable: the same whale had stopped buying just before the token hit a multi-year low near $0.000004 in recent months.
Burn rate spikes 3,200% in a day
The token's burn rate surged more than 3,200% over the past 24 hours and 500% on the week. That's reducing the circulating supply at a faster clip, which typically supports price action. Exchange balances have also been falling in recent weeks, a sign that holders are moving tokens off trading platforms — often interpreted as reduced selling pressure.
Technical breakout after months of rejection
Analysts noted that SHIB broke out of key resistance levels and trendlines. The token had previously been rejected at $0.0000067 in May, then slid to a low near $0.000004. This weekend's move brings it closer to that May rejection zone, though it still has ground to cover before retesting that level.
Meme coin sector lifts together
The rally wasn't isolated. Other meme coins also saw gains: PEPE rose 9%, M added 4%, and DOGE climbed 5.5%. The broader sector has been volatile, but this weekend's coordinated move suggests some capital rotating back into speculative tokens.
The next test for SHIB will be whether it can hold above the $0.0000058 level and eventually challenge the $0.0000067 resistance that stopped it in May. For now, the whale is back, the burn is running hot, and the supply on exchanges is thinning.
