Whale's Return Fuels Shiba Inu Surge

The second-largest meme coin by market cap, Shiba Inu, saw a sudden and unexpected surge of 35% over the weekend. This rare volatility is reminiscent of past behavior in the niche. According to on-chain metrics, the rally may be attributed to a returning whale and other factors driving short-term bullish momentum for the token.

During a largely sideways weekend in crypto markets, Shiba Inu exploded in a sharp surge. The 35% increase on a dull day is a rare reminder of what meme tokens used to do a few years ago. On-chain metrics point to a returning whale and other on-chain catalysts driving the rally.

The market capitalization of cryptocurrencies remains high, with a total market cap of $2.29T. This weekend saw a relatively boring and uneventful trading day, but Shiba Inu's surge stands out as an exception. The 24-hour spot volume reached $15.07B, indicating increased activity in the crypto markets.