Shiba Inu (SHIB), the second-largest meme coin by market capitalization, posted a sharp rally during an otherwise quiet weekend trading session in which most major cryptocurrencies moved sideways.

The move brought back some of the large, sudden price swings that were more common in the meme coin sector several years ago. Weekend trading can be thinner than weekday sessions, which may make large orders and bursts of retail attention more visible in price action. Several factors cited in market discussions include renewed activity from a large SHIB holder, a sharp increase in token burns, and other on-chain developments.

SHIB posts double-digit rally

SHIB began rising yesterday evening after trading below $0.0000042. The token climbed first to $0.0000052 and then advanced to $0.0000058 earlier today, marking a double-digit increase of about 35% and reaching its highest level in just over two months.

The rebound follows a decline that began after SHIB was rejected at $0.0000067 in May. That correction pushed the token back toward $0.000004, a level described as a multi-year low.

Following the latest rally, SHIB returned to the top 30 alternative cryptocurrencies by market capitalization. Its market value rose above $3.3 billion on CoinGecko, reinforcing its position as the second-largest meme coin by that measure.

Other meme coins also recorded gains, though smaller than SHIB’s move. PEPE was up 9%, M added 4%, and DOGE rose 5.5%. The broader comparison matters because meme coins often trade around community attention, liquidity, and momentum rather than project fundamentals alone, making relative performance across the group a closely watched signal among short-term traders.

Whale activity and burn data cited

Large double-digit gains on a Sunday were once a familiar feature of the meme coin market, but the sector has seen waning investor interest over time. That has drawn attention to recent developments in the Shiba Inu ecosystem that may have contributed to the move.

One development discussed on X involves a SHIB whale who reportedly resumed accumulation after more than half a year of inactivity. According to reports, the unidentified market participant spent $125,000 to acquire more than 30 billion SHIB tokens.

A single large purchase does not by itself explain or guarantee a 35% price increase. However, such activity can be viewed by some market participants as a signal that encourages others to follow, especially in assets where large-wallet behavior is closely tracked by the community.

The SHIB token burn mechanism also showed a sharp increase, rising by more than 3,200% over the past day and 500% on a weekly basis. Token burns reduce the number of coins in circulation, a development that traders often interpret as supportive for price. Burn-rate spikes can attract attention, though their market impact depends on the size of tokens removed relative to SHIB’s overall supply and trading activity.

In addition, the amount of SHIB held on cryptocurrency exchanges has declined in recent weeks, according to CryptoQuant data. Lower exchange balances are often monitored because they may indicate fewer tokens immediately available for sale on trading venues, although the metric does not show holders’ intentions on its own. Some analysts also argued that SHIB has moved above key resistance levels and trendlines, while members of the community celebrated the rally as a payoff after “years of accumulation.”