Shiba Inu (SHIB) in Recovery Mode as Open Interest Surges

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Shiba Inu (SHIB) is on the mend as various indicators have shifted to green, suggesting renewed investor attention towards its ecosystem. According to CoinMarketCap, SHIB’s price stands at $0.00002245, representing a 2.81% increase over the previous 24 hours. Trading volume, which reflects buying activity, has decreased by 5.35% to $853,696,955, but there is growing enthusiasm among niche investors that a more substantial rally could be in store.

A notable sign of a rejuvenated Shiba Inu is the recent increase in Open Interest (OI) over the past 24 hours. According to Coinalyze’s data, the OI for Perpetual Contracts stands at $31.9 million, marking a 2.61% rise within this time period.

Open interest is crucial for SHIB‘s wellbeing and potential success. It indicates that not only optimistic investors are looking to make returns, but also more risk-takers are starting to believe in SHiba Inu’s growth potential. However, SHiba Inu has been experiencing significant selling pressure due to the broader market volatility.

The very market that once hindered progress significantly might now become a crucial catalyst, given the broad scope of the ongoing recovery.

Shiba Inu: Burn rate and Shibarium factor

Shiba Inu’s significant network metrics, besides its price recovery, are also important to consider. The token’s burn rate and Shibarium network significantly influence the return of retail investors’ attention towards Shiba Inu.

So far in this week, the SHIB token burn rate has stayed mainly positive and has increased by 25.92%, with approximately 24 million tokens being removed from circulation. In contrast, the number of Shibarium transactions has significantly dropped compared to the daily millions seen during the last quarter of 2023.

Despite this, the metric remains crucial for assessing the network’s wellbeing and the enduring interest in SHIB‘s use and popularity.

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2024-04-17 12:23