Shiba Inu (SHIB) surged 35% over the weekend to a two-month high of $0.00000582, driven by whale accumulation and a spike in token burns, according to on-chain data. However, the rally quickly reversed, with SHIB falling nearly 20% to $0.000004631. Analytics platform Santiment reported 52 whale transactions in a single day, the highest since March 31, noting that larger holders likely took profits into strength. Retail investors joined late near the top, providing liquidity for whales. Exchange reserves have risen to a two-week high of 86.7 trillion tokens, suggesting increased selling pressure. Meanwhile, Shibarium activity remains depressed following a September exploit.
Shiba Inu recorded a sudden 35% price jump to reach a two-month high of around $0.00000582. The bulls lost momentum, and SHIB currently trades at roughly $0.000004631, representing a nearly 20% decline from the local high.
The analytics platform Santiment noted that amid the rally, there were 52 whale transactions in a single day, the most since March 31. “Activity strongly suggests larger holders took profits into strength,” it added.
Retail investors joined the party too late and chased the excitement near the top. Santiment described this as giving whales the liquidity needed to reduce their exposure.
X user Crypto King noted the double-digit price increase, whales’ accumulation, and exploding burn rate to open a short position on July 26. They said, “These euphoric pumps have a habit of trapping late buyers… but the market loves proving people wrong.”
SHIB lost its traction while the broader cryptocurrency market flashed in red again. The rising amount of tokens stored on exchanges serves as another warning.
CryptoQuant’s data shows that the figure has been constantly rising over the past several days. It reached a two-week high of around 86.7 trillion units, suggesting many investors have abandoned self-custody and increased immediate selling pressure.
The stalled activity on Shibarium is also worth mentioning. The layer-2 scaling solution was once considered a primary catalyst for SHIB’s price increase, but after an exploit in September last year, the protocol saw a sharp decline in usage, dropping to merely hundreds or thousands of daily transactions.
