That is, investors are reawakening their desire to keep the dog-themed meme coin. This development is generally a bullish sign as more market participants might be motivated to also accumulate $SHIB, thereby creating demand.
According to CoinGlass data, the bet on Shiba Inu’s futures market, which has climbed by 1.89%, is $109.75 million. This is equivalent to 12.27 trillion $SHIB across different exchanges. Most of the traders betting on a flip are on the Gate exchange, with a total of 5.20 trillion $SHIB worth $48.28 million, or 41.25% of Shiba Inu’s total open interest.
Other top exchanges include LBank, OKX and MEXC with 12.84%, 10.68% and 10.02% of the total open interest, respectively. In fiat terms, these traders committed $14.10 million, $11.72 million and $11.01 million in that order.
Thus far, Shiba Inu has recorded gains in the last 24 hours as the price climbed from a low of $0.000008499 to a daily peak of $0.00008827. As of press time, Shiba Inu is exchanging for $0.000008658, which represents a 1.12% increase within this time frame.
Although there has been a surge in whale activity in the last seven days, trading volume has declined by 23.55% to $103.3 million. It appears that whale activity is leaning toward a sell-off.
Bollinger Bands support $SHIB's path toward $0.00001
However, if the current open interest is able to revive market participants and buying pressure builds, Shiba Inu could be heading toward the $0.00001 zone.
Interestingly, the meme coin’s uptrend remains intact as its Bollinger Bands signal hope for the rebound journey ahead. With prices above its slightly depressed upper bands, $SHIB could steadily climb upward.
This outlook is threatened by a lack of deflationary action in the Shiba Inu ecosystem. As U.Today reported, burn rate crashed to less than one $SHIB in the last 24 hours as the ecosystem failed to take steps to reduce the circulating supply.
u.today
