Shiba Inu Rally Intact Even As Major Cryptos Turn Red — Is Meme Coin Overbought?

Shiba Inu SHIB/USD traded nearly 5.5% higher over 24 hours leading up to the time of writing at $.00001116. 

What happened: SHIB’s gains overshadowed those of major cryptocurrencies like Bitcoin BTC/USD and Ethereum (ETH), which traded in the red at the time of writing.

SHIB was among the ten most-mentioned coins on Twitter at the time of writing, according to data from Cointrendz.

See Also: Is Shiba Inu (SHIB) A Good Investment?

The meme coin had a relative strength index of 81.47, which indicates SHIB has entered the overbought territory.

Coinglass data indicated that over 12 hours, $51.92 million worth of short positions were liquidated, while $178.19 million of long SHIB positions were liquidated. 

Why It Matters: The meme coin has shot up 22.3% over a seven-day period. On Tuesday, the coin rallied after short positions worth nearly $790,000 were liquidated.

Earlier this week, the Ethereum-based meme coin got a boost after its lead developer Shytoshi Kusama posted a social media update on Shibarium — a Layer-2 blockchain solution.  

SHIB was the most-traded token among Ethereum Whales and also the biggest token in terms of dollar value, according to Whalestats, at the time of writing.

Read Next: How Much Would $100 Invested In Shiba Inu Today Be Worth If Meme Coin Returned To The Shiboshi Hype Era Levels