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

The second-largest meme coin, Shiba Inu (SHIB), has finally gained bullish momentum after a month of consolidation.

The SHIB price has been consolidating between $0.000022 and $0.000025 over the past month as the broader cryptocurrency market faced bearish conditions.

SHIB is up by 17% in the past 24 hours and is trading at $0.000029 at the time of writing. The meme coin’s market cap is sitting at $17.13 billion, making it the 10th-largest digital currency. Shiba Inu’s daily trading volume increased by 108%, surpassing the $2 billion mark.

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

According to data provided by Santiment, SHIB’s exchange inflow surged from 1.47 trillion to 2.49 trillion tokens over the past 24 hours. The amount of coins leaving the exchanges has reached 2.01 trillion SHIB.

The positive exchange net inflow of around 480 billion tokens shows that the amount of Shiba Inu holders looking for short-term profits is currently dominating the scene. 

Moreover, per Santiment, the number of whale transactions consisting of at least $100,000 worth of SHIB rallied by 80% over the past day — rising from 257 to 462 unique transactions.

It’s important to note that the Shiba Inu Relative Strength Index (RSI) hiked from 56 to 60 in the past 24 hours, data from the market intelligence platform shows. The indicator shows that SHIB is slightly overbought at this point and high price volatility would be expected.

Due to the heightened whale activity, high exchange inflows and RSI, the dog-themed meme coin could potentially face sharp correction.