Shiba Inu Surges 24% in Exceptional Volume Rally

Shiba Inu's (SHIB) price surged by almost 24% in a single day, reaching an intraday high of $0.00000518 before pulling back to $0.0000049 at the time of writing. This represents an 18% gain and cements SHIB's reclaiming its 50-day simple moving average (SMA), with the 100-day SMA acting as a cap on the move.

The exceptional volume seen during this rally, reaching approximately 538.4 billion SHIB, is the strongest evidence behind the price increase. This level of activity has not been seen since January and suggests that the market participation has genuinely increased.

However, reports of increased token burns and whale accumulation have also added to the bullish narrative, with a wallet inactive for eight months resuming buying and now holding more than 50.25 billion SHIB acquired through Binance. Despite this, the scale of these developments is limited and cannot fully explain the rally.

The daily RSI (Relative Strength Index) rose to approximately 71 after gaining close to 30 points during the session, moving above the conventional overbought threshold. While an RSI reading above 70 does not guarantee a decline, it raises the probability of consolidation or a pullback before another sustained advance.