Shiba Inu (SHIB), the second-largest meme coin, has broken out of a month-long consolidation phase, experiencing a significant surge in value.

After trading in a range between $0.000022 and $0.000025 for the past month amidst bearish conditions in the broader cryptocurrency market, SHIB has seen a remarkable uptick in price. Over the last 24 hours, SHIB has surged by 17%, reaching $0.000029 at the time of writing. This surge has propelled SHIB's market cap to $17.13 billion, solidifying its position as the 10th-largest digital currency by market capitalization. Additionally, SHIB's daily trading volume has soared by 108%, surpassing $2 billion.

The current price level marks the first time SHIB has reached such heights since April 1, signifying a notable breakthrough for the meme coin.

Data provided by Santiment reveals a significant increase in SHIB's exchange inflow, surging from 1.47 trillion to 2.49 trillion tokens over the past 24 hours. However, the amount of coins leaving exchanges has also risen, reaching 2.01 trillion SHIB. This positive exchange net inflow of approximately 480 billion tokens indicates a predominance of Shiba Inu holders seeking short-term profits.

Furthermore, Santiment reports a notable uptick in whale transactions involving at least $100,000 worth of SHIB. The number of these unique transactions has surged by 80% over the past day, from 257 to 462 transactions, highlighting increased activity among larger holders.

Despite the bullish momentum, caution is advised as indicated by SHIB's Relative Strength Index (RSI), which has risen from 56 to 60 over the past 24 hours. This increase suggests that SHIB is slightly overbought at its current price level, potentially signaling high price volatility ahead.

Given the heightened whale activity, increased exchange inflows, and elevated RSI, SHIB could face a sharp correction in the near term. Investors and traders are advised to closely monitor market conditions and exercise caution amid the potential for increased volatility in the dog-themed meme coin.