Shiba Inu (SHIB), the dog-themed meme coin, is seeing a notable shift in holder behavior that could point to an early-stage rebound. The token climbed 25% over the weekend, a move that even experienced market analysts found difficult to explain.

The Two-Sided Story Behind SHIB’s Recent Rebound

SHIB’s divergence from the broader crypto market’s generally weak trend appears to be driven by a combination of speculative derivatives activity and renewed attention on several SHIB Army-native Web3 projects that are being restored. A few weeks ago, Shibarium developer team member Mazrael announced restoration efforts related to Shiba Eternity.

Another possible factor behind the double-digit gain is the steady decline in crypto exchange reserves. SHIB has increasingly been moving out of exchanges and into self-custody wallets rather than remaining on major trading platforms, a shift that can matter for liquidity because fewer tokens sitting on exchanges can leave less immediately available supply during periods of heavier trading.

The available supply now stands at 86.2 trillion tokens, after recently rebounding from an all-time low that briefly fell below 86 trillion. About one month ago, that figure was closer to 88 trillion, suggesting a faster pace of token withdrawals since July. If that trend continues as SHIB gradually reclaims the $0.00000500 resistance level, a significant supply crunch could emerge.

That kind of setup is usually constructive when demand for trading or speculation is strong. In SHIB’s case, demand is clearly present in perpetuals, while spot market activity is also more than 100% higher than the previous day. According to CoinGecko, SHIB recorded $265 million in 24-hour trading volume, which pushed it back to 30th place among global crypto assets. SHIB’s market capitalization is $2.94 billion.

SHIB Gains Ground as Momentum Builds

SHIB’s current trading volume is also about five times higher than HBAR’s $35 million over the same period, even as it trails in the rankings. At the same time, SHIB is close to overtaking Hedera Hashgraph (HBAR) by market capitalization, with the gap now narrower than $100 million.

The token is also working to erase its fifth zero. The last time SHIB reached that level was in November 2025. Now trading near $0.00000500, a successful recovery of that demand zone could create conditions similar to the rally seen in autumn 2025.

Several technical and on-chain signals appear to support that case, including a stronger bullish reading in the SuperTrend indicator, rising whale activity, and renewed activity across the ecosystem’s applications.