Shiba Inu Joins Top 10 Cryptos as Whale Activity Surges

The cryptocurrency market witnessed a remarkable surge in Shiba Inu’s value. This meme coin, second only to Dogecoin in its category, has hit a 27-month peak. Currently, it ranks as the 10th largest crypto asset. The past 24 hours saw Shiba Inu’s value jump by 57%. It now trades at $0.000040. This surge pushed its market capitalization beyond $23 billion. It edges closer to Dogecoin, the leading dog-themed cryptocurrency.

Earlier, Shiba Inu reached $0.000045, a price last observed in December 2021. This peak occurred around 02:00 UTC. Market analysts and investors are keenly watching this sudden rise.

Market Dynamics and Investor Sentiment

Market intelligence from Santiment reveals intriguing trends. SHIB’s total open interest in the market rose sharply. It went from $35 million to $55.5 million within a day. Despite the price increase, short positions have seen a slight uptick. Traders betting against the price continue to do so, albeit in smaller numbers.

An interesting shift occurred in the meme coin’s total funding rate. It halved from 0.08% to 0.04% in just a day. This shift suggests traders anticipate a potential cooling off of prices at the current level.

Shiba Inu’s Relative Strength Index (RSI) presents a critical perspective. Currently, it stands at 95. This high level indicates significant volatility. It suggests potential manipulation by large-scale investors or “whales”. For Shiba Inu to remain in a bullish phase, its RSI needs to fall below 60.

A staggering increase in whale transactions highlights the growing interest in SHIB. Transactions over $100,000 soared by 1,088% in the last 10 days. They rose from 171 transactions on February 25 to 2,023 by the time of writing.