Shiba Inu enters top 10 cryptos, whale activity skyrockets

The second largest meme coin, Shiba Inu (SHIB), just reached a 27-month high and is currently the 10th largest crypto asset on the market.

SHIB has risen 57% in the past 24 hours and is trading at $0.000040 at the time of writing. Memecoin’s market cap has surpassed $23 billion, approaching Dogecoin (DOGE), the largest dog-themed cryptocurrency.

SHIB Price, Whale Activity, Open Interest, Funding Rate, RSI – March 5 | Source: Santiment

In particular, the Shiba Inu briefly reached a level of $0.000045 around 2 a.m. UTC, a level not seen since December 2021.

According to data provided by Santiment, SHIB’s total open interest jumped from $35 million to $55.5 million in the past 24 hours. The data shows that despite the price increase, the amount of short positions betting that the price will fall has increased slightly.

Data from the market intelligence platform shows that the total funding rate aggregated from meme coins has plummeted from 0.08% to 0.04% in the past day. This indicates that traders are expecting a price cooldown at this price point.

Additionally, SHIB’s Relative Strength Index (RSI) has declined slightly but is still at a critical level. According to Santimento data, the Shiba Inu’s RSI was hovering at 95 points at the time of the report. This indicator shows that the memecoin price is in a high volatility zone and there may even be whale manipulation going on.

To stay in the bullish zone, SHIB’s RSI needs to fall below the 60 mark.

Whale trades consisting of at least $100,000 worth of SHIB increased by 1,088% over the past 10 days, from 171 trades on February 25 to 2,023 trades each day at the time of writing, according to Santiment. did.

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