The meme-based cryptocurrency, Shiba Inu (SHIB), has experienced a surge in Open Interest as the crypto market recovers. As per data from CoinGlass, approximately 18.64 trillion SHIB, equivalent to $399.79 million, were opened in derivative contracts within the past day.
Renewed interest amid SHIB volatility
The increase in Open Interest indicates a significant 25% jump over the past day. This implies that there’s renewed curiosity towards SHIB, despite its ongoing price fluctuations and failure to reach new highs. Remarkably, SHIB has been battling to establish fresh price peaks during the last month following its drop below the $0.000028 threshold approximately a month ago.
Currently, the Shiba Inu coin’s value is being exchanged at approximately 0.00002133 USD, representing a 6.06% rise over the past day. This substantial jump is noticeable compared to its previous low trading price of around 0.00001978 USD.
As a researcher, I find myself invigorated by the recent surge in Open Interest. This development fuels my optimism that if the momentum continues, it may signal a potential recovery for some investors.
On Gate.io exchange, approximately 81.76% of the overall Open Interest was attributed to a single account, holding about 15.29 trillion SHIB tokens. This translates to an equivalent value of around $326.90 million.
As a researcher delving into the realm of cryptocurrency exchanges, it’s noteworthy to highlight that Bitget and OKX are among the select few platforms boasting Open Interest in the trillions. Specifically, Bitget reported an Open Interest of approximately 1.69 trillion SHIB, equivalent to around $36.07 million, while OKX recorded a slightly lower figure at 1.07 trillion SHIB or roughly $22.86 million.
Technical recovery and market sentiment
Significantly, the latest effort by SHIB is based on its successful rebound above the significant 200 Exponential Moving Average (EMA) support line. Dropping beneath this level could potentially signal trouble for investors, as the value of the meme coin might continue to decrease.
In simpler terms, when it comes to the 200 Exponential Moving Average (EMA), it’s often seen as a dividing line for whether price movements are more bullish (upward) or bearish (downward). But despite the downturn, Shiba Inu’s recent recovery has rekindled optimism among market participants about the token.
According to U.Today’s report, Shiba Inu (SHIB) has shifted its downward trend, sparking optimism among investors who believe this change could be sustained. Experts predict that such a continuation is essential if the meme coin is to achieve new record highs.
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2025-01-14 18:20