u.today
Shiba Inu is finally showing a brief sign of potential recovery as its derivatives market is seeing renewed interest from investors, triggering a significant spike in its open interest.
This positive futures activity has caught the attention of market watchers as it is coming while market volatility still persists. Futures traders have staked over 8.6 trillion $SHIB in the last 24 hours according to data from Coinglass.
$SHIB OI suddenly flips positive
The data reveals that Shiba Inu's open interest has surged significantly by 9.38% over the 24 hours as futures traders appear to be showing renewed interest in the leading meme token.
Following this surge, the number of $SHIB tokens that have been locked in active futures contracts has reached 8.63 trillion $SHIB as of Saturday, May 6.
The sharp increase in the $SHIB open interest suggests that traders are returning to the market and opening new positions even as extreme volatility in the crypto market still persists.
The surge in the futures metric has sparked optimism among Shiba Inu investors as it has flashed bullish signals suggesting growing participation in the asset's derivatives market.
$SHIB price still in red
While Shiba Inu has finally flashed a bullish signal in its open interest metric, its trading price is still struggling to recover, suggesting that many of its spot traders are still being cautious.
Over the last 24 hours, the Shiba Inu trading price has declined by 1.07% as its price continues to trend lower, extending its weekly losses to 17.87%.
While the surge in the Shiba Inu open interest coincides with a consistent decline in its trading price, it appears that traders are positioning themselves aggressively, as they anticipate a major price move ahead.