Shiba Inu (SHIB) has shown a notable recovery over the past week, though traders are predicting a potential decline in its price. Currently, SHIB is up by 2% over the last 24 hours, trading at $0.0000194.
The asset briefly peaked at a one-month high of $0.00002 on July 16 before correcting to $0.0000187 a few hours later.
Shiba Inu’s Market Cap and Trading Volume Insights
Shiba Inu’s market capitalization stands at $11.4 billion, positioning it as the 12th-largest cryptocurrency and the second-largest meme coin in the market. However, its daily trading volume has dropped by 27% over the past 24 hours, now at approximately $500 million.
Recent data from Santiment reveals a significant increase in whale transactions, with the number of transactions involving at least $100,000 worth of SHIB rising by 121% in the past day—from 81 to 179 transactions.
SHIB price and funding rate – July 17 | Source: Santiment
This decline in trading volume, coupled with the surge in whale activity, suggests that Shiba Inu might experience high price volatility due to the influence of large whale movements and potential price manipulation.
Shiba Inu (SHIB) Market Data and Indicators
Recent data from the market intelligence platform shows that Shiba Inu’s total open interest has decreased from $59.6 million to $57.1 million over the past day. Additionally, Santiment reports that Shiba Inu’s funding rates have dipped below zero, currently at negative 0.003%.
At present, short-position holders outnumber long-position traders, reflecting widespread expectations of a price decline. An upward movement of over 5% could trigger approximately $2.5 million in liquidations for Shiba Inu.
The SHIB Relative Strength Index (RSI) is currently at 61, indicating that the meme coin is slightly overbought. A drop in RSI to 50 or lower could potentially shift SHIB back into a bullish zone.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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