The second-largest meme coin, Shiba Inu (SHIB), has recently reached its highest point in 27 months, making it the 10th-largest cryptocurrency in the market. SHIB has seen a significant increase of 57% in the past 24 hours and is currently trading at $0.000040.

With a market cap exceeding $23 billion, Shiba Inu is closing in on the largest dog-themed cryptocurrency, Dogecoin (DOGE).

“SHIB price, whale activity, open interest, funding rate and RSI – March 5 | Source: Santiment”

Recently, Shiba Inu briefly reached the $0.000045 mark, a level not seen since December 2021.

According to data from Santiment, SHIB’s total open interest has surged from $35 million to $55.5 million in the past 24 hours. Despite the price rally, the amount of short positions has slightly increased, indicating a bet on a price decline.

Market intelligence platform data also shows that the total funding rate for SHIB decreased from 0.08% to 0.04% over the past day, suggesting traders are anticipating a cooling off of prices at this level.

Furthermore, SHIB’s Relative Strength Index (RSI) has slightly decreased but remains at a critical level. The RSI is currently at 95, indicating high volatility and the potential for whale manipulation.

For SHIB to remain in a bullish zone, the RSI would need to drop below the 60 mark.

Whale transactions involving at least $100,000 worth of SHIB have increased by 1,088% over the past 10 days, rising from 171 transactions on Feb. 25 to 2,023 daily transactions currently.

For more updates on the cryptocurrency market, visit Global Crypto News.

Post Views: 2