Shiba Inu Crypto Pulls Off Impressive Weekend Rally Fueled By Robust Spot Positioning
Key Insights:
- Shiba Inu Crypto becomes the best-performing crypto in the top 50 this weekend after surging by around 39%.
- Shiba Inu recorded the highest daily spot inflow in months on Saturday.
- Modest open interest signals strong spot positioning, while a spike in negative funding rates suggests short-term retracement expectations.
Shiba Inu held on to the position of the biggest gainer among the top 50 cryptocurrencies this weekend. This was courtesy of an unexpected bullish outburst that saw it rally nearly 39% from its lowest price on Friday to its highest on Sunday.
For context, Shiba Inu Crypto traded as low as $0.00000421 on Friday. However, it surged as high as $0.00000583 on Sunday morning, reclaiming levels last seen in May.
Despite this impressive rally, Shiba Inu crypto price retreated considerably, signaling heavy profit-taking. It exchanged hands at $0.00000512 at press time.
SHIB was still the biggest gainer among the top coins despite the retreat. Moreover, this profit-taking may have also been triggered by the fact that it was overbought at the time of writing, according to the RSI indicator.
