Shiba Inu now experiences significant rebound as open interest soars over 36% as it breaks through the critical price level.
In a remarkable turn of events, Shiba Inu (SHIB) has entered a rebound phase as its Open Interest has surged by over 36% within the past 24 hours.
This resurgence aligns with SHIB breaking through the critical price level of $0.0000211 during the same period, signaling renewed investor confidence.
Surge in Open Interest Across Exchanges
Recent data from CoinGlass reveals that an astonishing 8.34 trillion SHIB, valued at approximately $181.45 million, in outstanding derivatives contracts were opened in just 24 hours.
This sharp increase indicates a growing interest among investors in the meme coin, which has faced considerable price fluctuations in recent weeks.
Among various trading platforms, Gate.io has reported the highest Open Interest, accounting for more than half of the total at 4.93 trillion SHIB, which constitutes 58.98% of the overall Open Interest and is valued at $107.02 million.
Following Gate.io, Bitget and OKX ranked second and third, handling 1.70 trillion and 1.06 trillion SHIB, respectively.
Notably, Bitget’s Open Interest, valued at $36.94 million, surpasses OKX by almost 65 billion SHIB, with OKX recording an Open Interest value of $23.03 million.
The recent price retracement of SHIB likely triggered this influx of futures positions across various exchanges.
Over the past week, SHIB has faced challenges in breaking through critical resistance levels, particularly amid a broader market sell-off.
Price Movements and Trading Dynamics
In the last 24 hours, SHIB has exhibited significant price movement, climbing from a low of $0.00002055 to a high of $0.00002198.
At the time of writing, SHIB is trading at $0.00002158, representing a 2.85% increase according to CoinMarketCap data.
This positive price action may be attributed to a substantial token burn initiative within the SHIB ecosystem.
On January 8, SHIB’s deflationary metrics skyrocketed by an impressive 4,100%, resulting in the removal of 21,709,094 SHIB tokens from circulation.
This strategic move contributes to the reduction of total supply, which could support the overall price increase.
Market analysts speculate that SHIB may be on the verge of a significant rebound, as it approaches oversold conditions.
This situation suggests that the cryptocurrency may have reached its lowest point and is now poised for recovery.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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