Dog-themed meme coin Shiba Inu (SHIB), has seen its Open Interest soar amid the ongoing rebound on the cryptocurrency market. According to CoinGlass data, 18.64 trillion SHIB worth $399.79 million in outstanding derivatives contracts were opened in the last 24 hours.
Renewed interest amid SHIB volatility
This spike in Open Interest hints at a 25% surge in 24 hours. It suggests renewed interest in SHIB despite its continued price volatility and the token’s inability to hit new levels. Notably, SHIB has struggled to rediscover new price levels in the past month after its plunge below the $0.000028 mark about a month ago.
As of this writing, the SHIB price was changing hands at $0.00002133, a 6.06% increase in the last 24 hours. This marks a significant surge from its earlier low trading price of $0.00001978.
The current uptick in Open Interest has rekindled hope in some investors of a likely rebound if momentum can stay at the same level.
Gate.io exchange accounted for over three-quarters of the Open Interest figures, with 15.29 trillion SHIB. This amounts to $326.90 million, or 81.76% of the total figures.
Bitget and OKX are the only other crypto exchanges with Open Interest in the trillions. Bitget recorded 1.69 trillion SHIB or $36.07 million, while OKX had 1.07 trillion SHIB or $22.86 million.
Technical recovery and market sentiment
Notably, this current attempt from SHIB flows from its ability to post a recovery above the critical 200 EMA support level. A slip below this point might have spelled danger for investors as the meme coin’s price could have declined further.
The 200 EMA is considered a tipping point between bullish and bearish price trends. However, SHIB’s recovery has revived hopes for market participants in the token.
As reported by U.Today, SHIB has reversed its bearish trend, and investors hope the meme coin will sustain the current momentum. Analysts maintain that is the only way for the asset to reach new heights.
