SHIB Whales Sell Into Rising Retail Demand Amid 37% Rally

Shiba Inu (SHIB) saw a sharp two-day price surge of 37%, attracting significant attention from retail traders. However, on-chain data suggests that large SHIB holders, known as whales, used the rally to reduce their exposure near the local peak.

Santiment data revealed that 52 large SHIB transactions took place during the rally, the highest level since March 31. Social dominance also rose to 0.084%, its strongest reading since April 2, as online discussion around the token increased.

The rise in whale transactions came as SHIB moved higher and retail interest expanded. This pattern suggests that some large holders sold tokens while smaller traders entered the market during the price surge.

SHIB traded near $0.000005 after falling 3.73% over 24 hours, with daily trading volume standing at about $268.1 million. The Shiba Inu burn rate also increased sharply, with the network burning 2.19 billion tokens over 24 hours, representing a 427% increase.

Resistance stands between $0.00000530 and $0.00000540, while support remains near $0.00000490. A daily close above this area could open a move toward $0.00000580 and $0.00000600. Derivatives data remains cautious, with SHIB's funding rate staying close to neutral and the long-to-short ratio below 1.0.