The meme coin Shiba Inu (SHIB) has experienced a rebound as its open interest has increased by over 36% in the past 24 hours, coinciding with a breach of the $0.0000211 price level. Data shows that $181.45 million worth of SHIB derivatives contracts were opened in the same timeframe, indicating growing investor interest in the volatile meme coin. Gate.io had the highest open interest figures, accounting for over half of the total, followed by Bitget and OKX. The rebound in SHIB's price could be attributed to a token burn activity that reduced the total supply and potentially supported the price boost. Analysts suggest that the asset may have bottomed out and is now bouncing back, with investors and traders hoping for a resurgence in price action.



Other News from Today