🌎 Shiba Inu Sees Whale Activity Surge Amid Market Volatility

Shiba Inu (SHIB) has shown a notable recovery over the past week, raising interest among traders who still anticipate potential price declines. Currently, SHIB is up by 2% in the past 24 hours, trading at $0.0000194. The asset reached a one-month high of $0.00002 on July 16 but corrected to $0.0000187 shortly after.

Shiba Inu’s market cap stands at $11.4 billion, positioning it as the 12th-largest cryptocurrency and the second-largest meme coin. Despite this, the daily trading volume has decreased by 27% over the past 24 hours, now at approximately $500 million.

Whale Activity and Market Insights

According to data from Santiment, whale transactions involving at least $100,000 worth of SHIB have surged by 121% in the past 24 hours, increasing from 81 to 179 unique transactions per day. This rise in whale activity, coupled with a decline in trading volume, suggests that SHIB may experience high price volatility.

Market intelligence indicates that the total open interest for SHIB has dropped from $59.6 million to $57.1 million over the past day. Additionally, the aggregate funding rates for Shiba Inu have fallen below zero, currently at negative 0.003%.

Short vs. Long Positions

The current market situation shows a dominance of short-position holders over long-positioned traders, implying expectations of a price drop. An upward movement of over 5% could lead to approximately $2.5 million in liquidations for Shiba Inu.

Notably, the SHIB Relative Strength Index (RSI) is at 61, indicating that the meme coin is slightly overbought. An RSI of 50 or lower could potentially push SHIB back into a bullish trend.