The price of Shiba Inu (SHIB) jumped 36% to $0.0000057 over the weekend, sparked mainly by heavy buying from South Korean traders on Upbit and a massive whale purchase totaling 30 billion tokens. Alongside this buying spree, SHIB token burns surged dramatically by 3,200%, intensifying the rally.
Korean Market Influence and Whale Activity
Upbit, a major South Korean exchange, played a key role in driving demand for SHIB during the weekend. Korean traders’ enthusiasm stood out compared to other regions, pushing volumes higher. Meanwhile, a large whale re-entered the market, scooping up 30 billion SHIB tokens. This sizable acquisition helped boost confidence among retail investors, creating a ripple effect across the market.
Token Burns Amplify Supply Pressure
The weekend also saw token burns spike by over 3,000%, a move that reduces circulating supply and can create upward price pressure. This surge in burning activity often appeals to holders expecting scarcity-driven gains. The combination of whale buying and active token burning made the SHIB price rally notably more intense than in previous weeks.
This content is for informational purposes and does not constitute financial advice.
