In the last 24 hours, Shiba Inu (SHIB) has shown significant activity, despite price fluctuations, leading to a rise in open interest.
SHIB Open Interest Rising
According to CoinGlass data, over 18 trillion SHIB tokens valued at $334.44 million have been recorded in open interest over the past 24 hours. This indicates a growing interest among investors in the meme token. As of writing, SHIB was trading at $0.00001829, down 2.55%, with market volume falling 18.21% to $276.88 million. Nevertheless, investors remain bullish. The majority of open interest was registered on Gate.io, with a volume of 14.77 trillion tokens, making up 81.03% of the total volume.
Shiba Inu Ecosystem Hype
Analysts suggest that a recent update from SHIB's lead developer, Shytoshi Kusama, injected optimism into the community, hinting at an upcoming powerful partnership. This news may have spurred the increase in open interest, prompting investors to bet on a price surge for the token.
Development Analysis
The past week was challenging for SHIB; after a prolonged decline, a 'green candle' was noted, suggesting a potential recovery to investors. Experts continue monitoring the situation, awaiting confirmation of pricing trends.
The rise in open interest and recent announcements about forthcoming developments in the Shiba Inu ecosystem give investors hope for an imminent market improvement.
