The cryptocurrency world is buzzing as Shiba Inu (SHIB) continues to defy market expectations with its significant price ascent.
Shiba Inu (SHIB) price has seen a remarkable 22% rise from its 14-day low, largely driven by spot buying and a shift in sentiment towards the memecoin. The cryptocurrency opened trading on Thursday at $0.00002900, up from the 14-day low of $0.00002400 recorded just two days prior.
While SHIB’s open interest has only seen a modest 2% increase, indicating that the price recovery is not fully driven by derivatives, the funding rate for SHIB has surged by 110% over the last 24 hours. This suggests that traders are now heavily leaning towards long positions on the memecoin.
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