Shiba Inu Surges 30% in Two Days on Futures Activity

Shiba Inu (SHIB) has seen significant gains in the past two days, increasing by over 30% from its opening price of $0.000005 to a high of $0.0000058. This surge is largely attributed to futures activity, with exchanges like OKX reporting massive volumes. However, this rally also comes with a warning sign: the Relative Strength Index (RSI) has reached nearly 81, indicating overbought territory.

The liquidation data from Coinglass shows that shorts have been bearing the brunt of this squeeze, with over $2.65 million in SHIB positions being liquidated in the past 24 hours, and shorts accounting for more than 2.5 times the losses on the long side.

According to the funding rate data from Coinglass, Shiba Inu's OI-weighted funding rate had turned consistently positive through much of July, with the largest spikes clustering in the days immediately before this week's advance. This suggests that bullish positioning was already building in the derivatives market ahead of the breakout.

The next key level to watch is the 200-day SMA at $0.00000584, which lies almost exactly on horizontal resistance from SHIB's February consolidation high. A close above this level would be the first since Shiba Inu's decline began and could open room toward the 0.382 Fibonacci retracement near $0.00000639.