The second-largest meme coin, Shiba Inu (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>), just reached its 27-month-high and is now the 10th-largest crypto asset in the market. 
SHIB is up by 57% in the past 24 hours and is trading at $0.000040 at the time of writing. The meme coin’s market cap surpassed the $23 billion mark, getting close to the largest dog-themed <a href="https://crypto.news/top-cryptocurrencies-to-watch-this-week-eth-doge-shib/">crypto</a>, Dogecoin (<a href="https://crypto.news/price/dogecoin/">DOGE</a>).&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/03/SHIBA-INU-SHIB-11.32.29-05-Mar-2024-1024x347.png" alt="Shiba Inu enters top 10 cryptos, whale activity skyrockets - 7" class="wp-image-14255465">
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 SHIB price, whale activity, open interest, funding rate and RSI – March 5 | Source: Santiment
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</figure> 
Notably, Shiba Inu briefly touched the $0.000045 mark at around 02:00 UTC, a level not seen since December 2021.&nbsp; 
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According to data provided by Santiment, SHIB’s total open interest surged from $35 million to $55.5 million over the past 24 hours. Data shows that the amount of short-positions, betting of a price decline, has slightly increased despite the price rally. 
Data from the market intelligence platform shows that the total funding rate aggregated from the <a href="https://crypto.news/meme-coin-mania-shiba-inu-floki-dogwifhat-surge/">meme coin</a> plunged from 0.08% to 0.04% over the past day. This shows that traders are expecting a price cooldown at this price point. 
Moreover, SHIB’s Relative Strength Index (RSI) has slightly declined, but is still at a critical level. Per Santiment data, the Shiba Inu RSI is hovering at the 95 mark at the reporting time. The indicator shows that the meme coin’s price is standing in a high volatility zone and even whale manipulation could be in play.&nbsp; 
SHIB’s RSI would need to decline below the 60 mark to stay in the bullish zone. 
According to Santiment, whale transactions consisting of at least $100,000 worth of SHIB increased by 1,088% over the past 10 days — increasing from 171 transactions on Feb. 25 to 2,023 daily transactions at the time of writing.&nbsp; 
 Read more: <a href="https://crypto.news/bitcoin-67000-record-market-cap/"> Bitcoin hits $67k, sets record-high $1.3t market cap </a>

Shiba Inu enters top 10 cryptos, whale activity skyrockets

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