😺 Paws on the Rise: SHIB’s Open Interest Leaps by 8% 🚀

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In the dusty alleys of the cryptocurrency market, where the dogs of chance howl and the cats of fate slink, the Shiba Inu (SHIB) has been napping, consolidating its strength. Yet, amidst the snoring of the market, the meme coin holders dream of riches, their optimism a steadfast beacon in the fog of financial uncertainty.

The Tail Wagging Again: SHIB’s Open Interest & Renewed Faith

According to the scribes at CoinGlass, in but a single day, the open interest in SHIB has perked up by 8.9%, as if the coin itself were stretching after a long nap, ready to bound forth once more.

These SHIB holders, a band of merry speculators, have opened a grand total of 9.18 trillion SHIB, worth a not-so-insignificant sum of $117.82 million, in derivatives contracts. This, as SHIB has been crawling, ever so slowly, out of the doghouse of doubt over the past seven days.

This sudden leap in open interest is like a wagging tail, a sign of renewed confidence that the gains of recent days might just keep on coming. They’re putting their paws in the air, betting the meme coin will continue its upward path to canine glory.

As the ink meets the page, SHIB’s price is at $0.00001280, a modest 1.23% rise in the last day. This little hop in value is no small feat, considering the bearish winds that have been nipping at SHIB’s heels.

There was a moment when SHIB slipped below the $0.000010 support level, causing a collective gasp among the holders. But like a dog fetching a stick, SHIB came back with a vengeance, as evidenced by the current price shenanigans.

Could SHIB Leap by 63%? 🤔

Gate.io, the exchange where the SHIB’s fate seems to be written, accounts for nearly three-quarters of the open interest, with traders there committing a whopping 6.76 trillion SHIB, or 73.47% of the whole shebang, valued at $86.56 million.

Other exchanges, like OKX and Bitget, have seen their fair share of the SHIB love, with 1.03 trillion and 874.55 billion SHIB respectively finding new homes.

Meanwhile, the soothsayers are whispering of a 63% breakout for SHIB, as indicated by the mystical Bollinger Bands. This could mean SHIB is either down in the dumps or ready for a reversal of fortune.

Market watchers, with their binoculars trained on SHIB, say the next few days will tell the tale. They suggest that a little strategic burning might just be the spark SHIB needs to rise from the ashes.

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2025-03-15 15:43