SHIB has seen a notable recovery in the past week, yet traders anticipate another price downturn. As of the latest update, SHIB is up 2% over the last 24 hours, trading at $0.0000194. Recently, it peaked at $0.00002 on July 16, marking a one-month high, before correcting to $0.0000187 shortly thereafter.”
Furthermore, Shiba Inu holds a market cap of $11.4 billion, ranking it as the 12th-largest cryptocurrency and the second-largest meme coin in circulation. Despite this, its daily trading volume has decreased by 27% over the past 24 hours, settling at $500 million.
Data from Santiment reveals a significant rise in whale transactions for SHIB, with transactions involving at least $100,000 worth of the coin increasing by 121% in the same period, climbing from 81 to 179 unique transactions per day.
The decrease in Shiba Inu’s trading volume alongside increased whale activity suggests potential high price volatility for the meme coin, driven by significant whale movements and possible price manipulation.
Market intelligence platform data indicates that SHIB’s total open interest dropped from $59.6 million to $57.1 million in the past day. Santiment reports that funding rates aggregated by Shiba Inu have fallen below zero, currently at -0.003%.
Currently, short positions outnumber long positions among traders, indicating expectations of a price decline. A price increase of more than 5% could trigger approximately $2.5 million in liquidations for Shiba Inu.
Additionally, Santiment data shows SHIB’s Relative Strength Index (RSI) hovering at 61, suggesting the meme coin is slightly overbought at present. An RSI of 50 or lower could potentially signal a return to a bullish trend.
