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Shiba Inu (SHIB), the dog-themed meme coin, is in rebound mode as the Open Interest has skyrocketed by over 36% in the past 24 hours. This rebound coincides with SHIB breaching the $0.0000211 price level within the same time frame.
SHIB’s surge in Open Interest across exchanges
Data from CoinGlass shows that 8.34 trillion SHIB valued at $181.45 million in outstanding derivatives contracts were opened in 24 hours. This indicates increased investor interest in the meme coin, which has faced price volatility lately.
The Gate.io exchange had the highest Open Interest figures, accounting for over half of the 8.44 trillion SHIB. The exchange handled 4.93 trillion, or 58.98% of the total Open Interest valued at $107.02 million.
Bitget and OKX followed a distant second and third with 1.70 trillion and 1.06 trillion, respectively. Bitget’s Open Interest value of $36.94 million, or 20.35%, is almost 65 billion SHIB more than OKX, which registered $23.03 million, or 12.69% of the figure.
SHIB’s price retracement could have triggered this increased futures position opened across the different exchanges. In the past seven days, SHIB has struggled to breach crucial resistance levels amid a broader market sell-off.
Price movement and trading dynamics
However, within the last 24 hours, the asset has leaped from a low of $0.00002055 to a high of $0.00002198. As of this writing, SHIB is exchanging hands at $0.00002169, representing a 2.85% increase, per CoinMarketCap data.
This price rebound might be an effect of the ecosystem's massive token burn activity. SHIB’s deflationary metric surged by an astonishing 4,100%, wiping out 21,709,094 SHIB tokens from circulation on Jan. 8. This move contributed to total supply reduction and possibly supported the price boost.
Analysts also believe that with SHIB on the brink of being oversold, the asset might have reached its lowest point and is now bouncing back. Investors and traders alike will want to see a resurgence in price action for the dog-themed meme coin.