Shiba Inu (SHIB) rose 36% on Sunday, moving from below $0.0000042 to a peak of $0.0000058 and reaching its strongest price level in more than two months. The move lifted the token to about $0.0000057 and increased its market capitalization by roughly $1 billion.

The meme token’s market value stood at approximately $3.4 billion, while daily trading volume reached about $380 million. The advance returned SHIB to the top 30 digital assets by market capitalization.

The rally took place during a relatively quiet weekend for the broader cryptocurrency market, with most major assets trading sideways. Dogecoin rose 6% over the same period, while PEPE gained 9% and DOGE added 5.5%, indicating that SHIB’s move was not part of a uniform memecoin-wide advance. That made the source of SHIB-specific liquidity and order flow especially important for traders tracking the move.

$SHIB up 20% meanwhile the high time frame chart… pic.twitter.com/dfNGE9NHHi — Altcoin Sherpa (@AltcoinSherpa) July 25, 2026

$SHIB up 20% meanwhile the high time frame chart… pic.twitter.com/dfNGE9NHHi

— Altcoin Sherpa (@AltcoinSherpa) July 25, 2026

The price increase developed in two stages. The first move came late Saturday night and was followed by about nine hours of consolidation. A second leg higher took shape during Asian trading hours on Sunday.

Upbit Activity Accounts for More Than 10% of Global SHIB Volume

Trading activity on Upbit, South Korea’s largest cryptocurrency exchange, played a major role in the move. The SHIB/KRW pair became the largest individual SHIB market globally, processing approximately $62 million in volume. That represented more than 10% of worldwide SHIB trading volume.

Quotes on the SHIB/KRW pair also showed a modest premium compared with Binance and other USD-denominated platforms. South Korean traders have previously been associated with sharp price moves in speculative tokens, and the two-stage structure of SHIB’s weekend rally was consistent with that pattern. KRW-denominated pairs are closely watched because local exchange activity can diverge from dollar and stablecoin markets during periods of retail demand.

Short-position traders faced losses as the rally progressed. Around $6 million in SHIB and 1000SHIB futures contracts were liquidated across approximately 2,300 traders. About $5 million of those liquidations came from bearish positions.

Dormant Whale Wallet Buys 30 Billion SHIB

On-chain activity also drew attention after a large SHIB holder’s wallet became active again following more than six months of dormancy. The address deployed $125,000 to acquire more than 30 billion SHIB tokens.

A transaction of that size is not sufficient on its own to produce a 36% price increase, but such activity can be read by traders as a confidence signal and may attract additional market participation. Whale wallet movements are often monitored alongside exchange volume because they can shape market sentiment even when they do not directly account for most trading activity.

225,855,518 $SHIB burned in the past 24 hours. pic.twitter.com/fophWv8cnz — Shibburn (@shibburn) July 26, 2026

225,855,518 $SHIB burned in the past 24 hours. pic.twitter.com/fophWv8cnz

— Shibburn (@shibburn) July 26, 2026

SHIB’s token burn activity also increased sharply during the same period. The burn rate rose by more than 3,200% over 24 hours, while weekly burns increased 500%. Token burns reduce circulating supply, making them a closely watched supply-side metric for the asset.

Data from CryptoQuant showed that SHIB balances held on centralized exchanges have declined in recent weeks. The trend indicates that tokens have been moving off exchanges and into self-custody wallets. Exchange balance declines are commonly tracked as a liquidity metric, though they do not by themselves show whether holders intend to sell, stake, or keep tokens idle.

SHIB last encountered resistance at $0.0000067 in May. That level was followed by a decline toward $0.000004, which at the time represented a multi-year support level.

Shiba Inu launched in August 2020 as an Ethereum-based token created by an anonymous founder known as Ryoshi. Its ecosystem has since expanded to include Shibarium, a layer-2 scaling solution, as well as additional supporting tokens.