In the Shiba Inu (SHIB) futures market, traders have locked 11.05 trillion tokens, raising open interest by 7.34% and reflecting optimism about the meme coin's prospects.
Bullish Sentiment in Shiba Inu Futures Market
Data shows that market participants have confidence in SHIB's future prospects. This indicates a shift in sentiment following a recent downturn experienced by meme-related tokens.
Traders and Open Interest Distribution
According to CoinGlass data, most of the open interest in Shiba Inu came from traders on the Gate.io exchange, making up 55.19% of the total. This is equivalent to $71.74 million or 6.49 trillion SHIB. Bitget and OKX traders also contributed, accounting for 15.93% and 10.41%, respectively.
Long-term Outlook and Token Burn Mechanics
To see increased trading volume, SHIB needs to remain above the $0.000011 price level, which is significant for many investors. Additionally, the ecosystem continues to implement its token burn mechanism, reducing the total supply of SHIB from one quadrillion to 589.25 trillion.
Despite the rise in open interest and bullish market sentiment, further price movements will depend on SHIB's ability to hold key price levels and the activity of the token burn.
