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Following
SHIB Shiba Inu Coin (SHIB) surged 36% on July 26, increasing its market value by about US$1 billion in a single day, but gave up some of the gains a few hours later.
This rally capped a strong week for Ethereum's memin. Memoin is a cryptocurrency driven mainly by Internet culture and community sentiment, and SHIB initially claimed to be a "dogcoin killer."
SHIB is currently the second-largest memin coin after Dogecoin. As of press time, it has still risen by more than 21% in the past week, although it has fallen by about 5.5% in the past 24 hours.
Blockchain analysis company Sanitation said the rally was accompanied by a sharp increase in whale activity. The company recorded 52 transactions worth at least $100,000 on July 26, the highest single-day total since March 31.
The company said the surge suggests that large households are selling when prices rise as retail interest accelerates.
Whales seem to be selling on strength.
According to Sanitation, the rally shows a typical sign of profit-taking by large companies rather than the beginning of a continued breakthrough.
"Shiba Inu surged 37% in two days and then quickly gave up some of the gains," Sanction wrote on July 27.
"The social dominance rate reached 0.084%, the highest since April 2, indicating that crowd attention peaked when the breakout trend had subsided."
The analyst firm said the 52 whale transactions recorded during the SHIB rally were "the most since March 31," adding that the activity "strongly suggests that big players are taking profits on strength."
Sanitation also believes that retail traders entered the market after most of the rally had ended.
"Retail attention came too late," the company said. "The surge in social popularity after a vertical pull-up suggests that small traders are chasing excitement as they approach the top, providing whales with the liquidity they need to reduce exposure."
The company added that this behavior is common in the memo market, and rapid mood changes often lead to short-term price fluctuations.
As of press time, SHIB was trading at approximately US$0.0000502, up more than 21% in the past week, but down about 64% in the past year.
