Whale Activity Surges as Shiba Inu Joins the Top 10 Cryptocurrencies
Shiba Inu (SHIB), the second-largest meme coin, has reached its highest point in 27 months and is now ranked as the 10th-largest cryptocurrency in the market.
Currently, SHIB is showing a 57% increase in the past 24 hours and is being traded at $0.000040. The market cap of this meme coin has exceeded $23 billion, bringing it close to Dogecoin (DOGE), the largest dog-themed cryptocurrency.
Interestingly, Shiba Inu briefly touched the $0.000045 mark around 02:00 UTC, a level that hasn’t been seen since December 2021.
Data provided by Santiment reveals that SHIB’s total open interest has surged from $35 million to $55.5 million within the past 24 hours. Despite the price rally, the amount of short positions, which bet on a price decline, has slightly increased.
Furthermore, Santiment’s market intelligence platform indicates that the total funding rate for the meme coin has dropped from 0.08% to 0.04% in the past day. This suggests that traders are anticipating a cooldown in price at this point.
In addition, SHIB’s Relative Strength Index (RSI) has experienced a slight decline but remains at a critical level. According to Santiment, the Shiba Inu RSI is currently at 95. This indicates that the meme coin’s price is in a zone of high volatility, and even whale manipulation could be a factor.
To remain in the bullish zone, SHIB’s RSI would need to drop below the 60 mark.
Santiment also reports a significant increase in whale transactions involving SHIB. Over the past 10 days, transactions worth at least $100,000 in SHIB have surged by 1,088%, rising from 171 transactions on February 25 to 2,023 daily transactions at present.
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