Shiba Inu (SHIB) has recorded an impressive recovery over the past week, but traders expect another downfall for its price.
SHIB is up by 2% in the past 24 hours and is trading at $0.0000194 at the time of writing. The asset briefly reached a one-month high of $0.00002 on July 16 and faced correction to $0.0000187 a few hours later.
SHIB’s market cap is currently $11.4 billion, making it the 12th-largest crypto asset and the second-largest meme coin in the market. However, its daily trading volume has declined by 27% over the past 24 hours, now hovering around $500 million.
Data from Santiment reveals that whale transactions of at least $100,000 worth of SHIB increased by 121% over the past 24 hours, rising from 81 to 179 unique transactions per day.
The decline in trading volume, combined with increased whale activity, indicates potential high price volatility for SHIB due to large whale movements and possible price manipulation.
Market data shows SHIB’s total open interest dropped from $59.6 million to $57.1 million over the past day. The aggregate funding rates for SHIB are negative, currently at -0.003%.
Short-position holders now dominate the market, expecting a price fall. A movement of over 5% upward could lead to around $2.5 million in liquidations for SHIB.
The SHIB Relative Strength Index (RSI) is at 61, indicating the meme coin is slightly overbought. An RSI of 50 or lower could move SHIB back into the bullish zone.
SHIB traders should brace for potential price swings driven by significant whale activity and market speculation.
