Shiba Inu Roars to Life with 39% Weekend Rally
Shiba Inu (SHIB) has emerged as the top performer in the top 50 cryptocurrencies, surging by nearly 39% over the weekend. The impressive rally was fueled by a significant influx of spot liquidity, with over $5 million in positive net flows on Saturday alone.
The meme coin's price climbed from its lowest point on Friday to its highest on Sunday, reclaiming levels last seen in May. However, the gains were largely due to short-term speculation, and the price retreated significantly as profit-taking set in.
Despite this, SHIB still held its position as the biggest gainer among top coins, with a notable spike in active addresses. The derivatives market also showed significant interest, with open interest surging from $30 million on July 20 to over $48 million at press time.