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SHIB Key insights:
Shiba Inu became the best performing currency among the top 50 cryptocurrencies this weekend, soaring about 39%.
On Saturday, Shiba Inu recorded its highest single-day spot inflow in months.
Moderate open interest in contracts suggests strong spot positions, while a surge in negative funds rates suggests short-term correction expectations.
Shiba Inu maintained its position as the largest gainer among the top 50 cryptocurrencies this weekend. This was helped by an unexpected bullish burst that sent it up nearly 39% from its lowest on Friday to its highest on Sunday.
Specifically, Shiba Inu traded as low as US$0.0000421 on Friday, but surged to US$0.0000583 on Sunday morning, returning to levels seen since May. Despite the astonishing rise, Shiba Inu prices subsequently fell sharply, indicating a large amount of profit-taking, trading at US$0.0000512 as of press time.
Shiba Inu Price Chart
Despite the decline, SHIB is still the largest gainer among the top several currencies. In addition, according to the RSI indicator, this profit-taking may also be due to overbuying at the time.
Shiba Inu's rally was supported by a large amount of spot liquidity injection
Before assessing whether the Meme coin can maintain its recent gains, it is necessary to first examine the key factors behind the rally. Analyst SHIBMoral observed a large influx of liquidity, especially from South Korean exchanges.
Shiba Inu coin update
Most of the demand for Shiba Inu coins this weekend occurred on Saturday and was mainly concentrated in the spot market. CoinGlass data showed that on Saturday alone, the net inflow of SHIB coins exceeded US$5 million, the highest single-day spot inflow in more than nine months.
SHIB Spot Inflow Data
This surge in inflows occurred as Meme entered a consolidation phase after months of continued decline. In fact, the price of Shiba Inu has been hovering near historical lows, and signs of attracting funds have been observed recently. SHIB's RSI indicator has previously shown increased bullish momentum, and Saturday's liquidity injection was the "rocket fuel" needed for the Meme coin to achieve explosive performance without short resistance.
Will SHIB prices recover further?
Short-term price surges are usually followed by short-term corrections, especially during times of increased uncertainty. At present, market sentiment has not improved to support further gains. However, other market factors will also play a role in determining the likely next step, such as the comparison of activity in the derivatives market and the spot market.
As far as Shiba Inu is concerned, the recent rally has been supported by strong spot positions. CryptoQuant revealed that judging from the surge in the number of active addresses in the past few days, the rise is due to healthy fundraising. There were about 1630 active addresses on July 19, but as of July 25, that number had soared to more than 3150, almost doubling in just a few days.
Number of active addresses in Shiba Inu
The derivatives sector has also shown strong interest among traders. For example, SHIB's open interest soared from about $30 million on July 20 to about $48 million at press time. The gains were relatively modest, but derivatives volume lagged on Saturday, confirming the prominence of spot activity. However, derivatives trading volume has soared by more than 2000% in the past 24 hours, accompanied by a surge in negative funding rates. The surge in negative funding rates suggests derivatives traders are expecting a correction. However, the cash rush could also mean traders are preparing for a greater recovery in the months ahead.
Note: The information shared in the news in this article is for reference only. Readers should consult a licensed financial adviser or other qualified professional before making any investment decisions.
