Shiba Inu (SHIB) has once again caught investors' attention with its open interest (OI) soaring over 15% in the past 24 hours.
State of Open Interest and Price
According to CoinGlass, the open interest in SHIB has reached 13.2 trillion tokens, reflecting the return of positive sentiment among futures traders. With an OI to 24-hour volume ratio of 2.2542, the market expressed hope for a possible price recovery. Currently, the token is trading around $0.00001616, showing a 1.75% increase.
Market Inconsistencies
The rise in open interest comes at a time when SHIB's price needs recovery after recent fluctuations. Despite open interest changes, many futures traders maintain their positions.
Impact on SHIB's Future
While SHIB's growth is not yet sustainable, the activity from major investors and retail traders may support the current price movement. Interest in Shiba Inu is stimulated by the anticipation of a potential ETF, for which an application has already been submitted to the SEC.
SHIB's open interest trends could significantly impact the token's future, highlighting growing investor interest and potential price increases.
