Shiba Inu (SHIB) Records a 4.70% Price Pump, Open Interest Spikes

Shiba Inu (SHIB), the dog-themed meme coin, recorded a 4.70% increase in value within the last 24 hours. This development follows SHIB's rebound move

Shiba Inu (CRYPTO: SHIB) price showed a 4.70% increase in the last 24 hours, signaling an attempt by the memecoin to recover from its bearish decline.

What Happened: Market data showed SHIB trading at $0.00001223 at press time. The surge saw SHIB pierce through the $0.0000122 resistance level.

However, there was no major change in other indices or trading volume, indicating a momentary price rise.

The memecoin saw a 35.04% decrease in trading volume at $280.89 Million. Analysts stated that a momentary market price rise was insufficient for Shiba Inu to witness a sustained increase in value.

They highlighted the need for investors to actively trade SHIB over time as the ecosystem continues its decentralized memecoin burn mechanism.

Its trajectory turned negative in the last 30 days as SHIB plummeted below the $0.000016 level. The highest level SHIB climbed in the last seven days was $0.00001276.

Memecoin experienced significant price fluctuations, making it difficult to sustain any substantial uptick.

Recent Growth Sparks Optimism: The recent growth in SHIB’s price and trading volume could be a positive sign for investors who are watching the memecoin’s price action.

However, it remains to be seen how far SHIB can climb from here, especially with the broader financial outlook remaining gloomy.

Also Read: How Will Sam Bankman-Fried’s Trial Impact Crypto Markets? Experts Weigh In

SHIB Futures Open Interest Spikes 7.28%: Within the last 24 hours, SHIB futures Open Interest also saw an increase.

The Open interest on SHIB futures recorded a 7.28% rise as market participants upped their commitments to the memecoin.

Traders had 9.07 trillion SHIB tokens committed to the futures market at the time, betting on the asset’s appreciation. This volume was approximately $111.77 Million.

According to CoinGlass data, Gate.io had the highest exposure to the Shiba Inu Open Interest market, with 6.67 trillion SHIB valued at $81.95 Million. This accounted for 73.31% of the cumulative Open Interest at the time of writing.

OKX was a distant second with just 10.96% of the total value. Users on the exchange had 997.07 billion SHIB valued at $12.26 Million. Bitget followed closely, with 890.01 billion SHIB worth $10.94 Million, or 9.78% of the total futures Open Interest.

The spike in Open Interest was considered significant as it indicated that despite SHIB’s volatility, the memecoin still had positive adoption sentiments.

Shiba Inu Price Action: SHIB is trading at $0.00001223 at press time, a 4.70% increase in the last 24 hours.

The cryptocurrency is down 38.95% in the last month and trades at a 90.78% premium to its 52-week low of $0.00000640.

Shiba Inu (CRYPTO: SHIB) price showed a 4.70% increase in the last 24 hours, signaling an attempt by the memecoin to recover from its bearish decline.

What Happened: Market data showed SHIB trading at $0.00001223 at press time. The surge saw SHIB pierce through the $0.0000122 resistance level.

However, there was no major change in other indices or trading volume, indicating a momentary price rise.

The memecoin saw a 35.04% decrease in trading volume at $280.89 Million. Analysts stated that a momentary market price rise was insufficient for Shiba Inu to witness a sustained increase in value.

They highlighted the need for investors to actively trade SHIB over time as the ecosystem continues its decentralized memecoin burn mechanism.

Its trajectory turned negative in the last 30 days as SHIB plummeted below the $0.000016 level. The highest level SHIB climbed in the last seven days was $0.00001276.

Memecoin experienced significant price fluctuations, making it difficult to sustain any substantial uptick.

Recent Growth Sparks Optimism: The recent growth in SHIB’s price and trading volume could be a positive sign for investors who are watching the memecoin’s price action.

However, it remains to be seen how far SHIB can climb from here, especially with the broader