Shiba Inu Price Soars 35% on a Dull Day as Whale Returns With Massive SHIB Purchase

In another relatively boring and uneventful trading day during the weekend, in which most cryptocurrencies have remained sideways, the second-largest meme coin by market cap exploded in a rare reminder of what the niche used to do a few years ago.

Some of the potential reasons behind this massive surge seem to be related to a returning whale and other on-chain factors.

SHIB’s Big Pump

The popular meme coin, once touted as the Dogecoin killer, actually began its ascent yesterday evening. It stood below $0.0000042 before it shot up to $0.0000052 and to $0.0000058 earlier today, posting a massive double-digit surge. The latter became its highest price tag in just over two months.

Recall that the token was rejected at $0.0000067 in May, and the subsequent painful correction drove it south toward $0.000004, which translated into a multi-year low. As such, SHIB has now returned to the top 30 alts by market cap as its own has jumped to over $3.3 billion on CoinGecko.

Moreover, it has solidified its spot as the second-largest meme coin by that metric, even though a few others have posted impressive gains as well. PEPE is up by 9%, M has added 4%, while DOGE has jumped by 5.5%.

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