SHIB surges 17% in 24 hours, reaching two-month high

As a researcher with experience in the cryptocurrency market, I’m keeping a close eye on Shiba Inu (SHIB) after its recent price surge. The second-largest meme coin has been consolidating for over a month between $0.000022 and $0.000025 amidst bearish conditions in the broader market.

After a month of being relatively stable, the second largest meme cryptocurrency, Shiba Inu (SHIB), is experiencing a surge in buying interest once again.

Over the past month, the value of SHIB has remained stable within a range of $0.000022 to $0.000025 despite the larger cryptocurrency market experiencing downturns.

SHIB surges 17% in 24 hours, reaching two-month high

Shib has experienced a 17% price surge over the last 24 hours and is currently valued at $0.000029. The market capitalization of this meme coin stands at an impressive $17.13 billion, securing its position as the tenth largest digital currency. Notably, Shiba Inu’s daily trading volume has surged by 108%, exceeding the significant threshold of $2 billion.

This is the first time for SHIB to reach this price point since April 1.

Based on Santiment’s data, there was a significant increase in the number of Shiba Inu (SHIB) tokens moving into exchanges from 1.47 trillion to 2.49 trillion within the last 24 hours. Concurrently, approximately 2.01 trillion SHIB coins have been taken out of exchanges.

Approximately 480 billion Shiba Inu tokens flowing in through positive exchanges indicate a significant number of investors are actively seeking short-term gains, overshadowing other market participants at present.

According to Santiment’s data, there was a significant increase of around 80% in the number of whale-sized SHIB transactions worth over $100,000. This brought the total count up from 257 to 462 unique transactions within the past day.

According to market intelligence data, the Shiba Inu RSI has increased from 56 to 60 within the past 24 hours. This signifies that SHIB is now considered slightly overbought, implying that significant price fluctuations are likely to occur.

As a crypto investor observing the market closely, I’ve noticed an uptick in large transactions by whales, significant exchange inflows, and a high Relative Strength Index (RSI) for the dog-themed meme coin. These indicators suggest that a potential sharp correction could be on the horizon for this asset.

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2024-05-29 10:16