The asset briefly reached a one-month high of $0.00002 on July 16 and faced correction to $0.0000187 a few hours later. According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of SHIB increased by 121% in the past 24 hours — rising from 81 to 179 unique transactions per day. The decline in Shiba Inu’s trading volume with increased whale activity shows that the meme coin might face high price volatility due to large whale movements and potential price manipulation.
Data from the market intelligence platform shows that the SHIB total open interest dropped from $59.6 million to $57.1 million over the past day. At this point, the amount of short-position holders is dominating long-positioned traders with the expectations of a price fall. An upward movement of over 5% could potentially bring around $2.5 million in liquidations for Shiba Inu.
Notably, the SHIB Relative Strength Index (RSI) is hovering at 61, according to Santiment data. An RSI of 50 or lower could potentially put SHIB back in the bullish zone.
