The second-largest meme coin, Shiba Inu (SHIB), just reached its 27-month-high and is now the 10th-largest crypto asset in the market.
SHIB is up by 57% in the past 24 hours and is trading at $0.000040 at the time of writing. The meme coin’s market cap surpassed the $23 billion mark, getting close to the largest dog-themed crypto, Dogecoin (DOGE).
Notably, Shiba Inu briefly touched the $0.000045 mark at around 02:00 UTC, a level not seen since December 2021.
According to data provided by Santiment, SHIB’s total open interest surged from $35 million to $55.5 million over the past 24 hours. Data shows that the amount of short-positions, betting of a price decline, has slightly increased despite the price rally.
Data from the market intelligence platform shows that the total funding rate aggregated from the meme coin plunged from 0.08% to 0.04% over the past day. This shows that traders are expecting a price cooldown at this price point.
Moreover, SHIB’s Relative Strength Index (RSI) has slightly declined, but is still at a critical level. Per Santiment data, the Shiba Inu RSI is hovering at the 95 mark at the reporting time. The indicator shows that the meme coin’s price is standing in a high volatility zone and even whale manipulation could be in play.
SHIB’s RSI would need to decline below the 60 mark to stay in the bullish zone.
According to Santiment, whale transactions consisting of at least $100,000 worth of SHIB increased by 1,088% over the past 10 days — increasing from 171 transactions on Feb. 25 to 2,023 daily transactions at the time of writing.
