The second-largest meme coin, Shiba Inu (SHIB), surged 17% in the past 24 hours, reaching a two-month high of $0.000029. This price jump comes after a month of consolidation amid a bearish cryptocurrency market.
SHIB’s market cap now stands at $17.13 billion, making it the 10th-largest digital currency. Daily trading volume soared by 108%, crossing $2 billion. For the first time since April 1, SHIB reached this price level.
Data from Santiment reveals that SHIB’s exchange inflow jumped from 1.47 trillion to 2.49 trillion tokens in the last day, while 2.01 trillion tokens left exchanges. The net inflow of approximately 480 billion tokens indicates a dominance of short-term profit seekers.
Whale transactions worth at least $100,000 surged by 80%, from 257 to 462. The Relative Strength Index (RSI) also climbed from 56 to 60, suggesting SHIB is slightly overbought, which could lead to high price volatility.
This surge in whale activity, exchange inflows, and RSI points to potential sharp corrections. However, the broader implications suggest strategic positioning and long-term significance in the cryptocurrency market.
