🚀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).
📈 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. 🐋