Shiba Inu (SHIB) jumped 25% over the weekend, catching many market watchers off guard. The spike came amid a notable shift in how holders manage their tokens, with a significant amount moving off exchanges into personal wallets.
The available supply on exchanges recently dipped below 86 trillion SHIB, down from about 88 trillion a month ago. This faster pace of withdrawals signals growing confidence among holders and could tighten supply if the trend persists. The token is now testing the $0.00000500 resistance level, which could set the stage for further gains.
Trading volume surged as well, topping $265 million in 24 hours and pushing SHIB back into the 30th spot by global market cap rankings at $2.94 billion, according to CoinGecko. The momentum also helped SHIB outperform competitors like Sui crypto (SUI) and brought it closer to Hedera Hashgraph (HBAR) in market capitalization, narrowing the gap to less than $100 million.
Part of this rally stems from renewed interest in SHIB-related Web3 projects, including efforts to revive Shiba Eternity, which helped boost community enthusiasm. Derivatives markets also showed speculative activity, contributing to the sudden price move.
