Shiba Inu (SHIB) is garnering massive attention lately due to the recent surge in its Open Interest (OI) value. OI is the total number of outstanding futures contracts that are still active and held by investors. Per Coinglass, a futures trading intelligence platform, Shiba Inu’s OI has risen by 52% in the last month, from $18 million to $27.5 million worth of SHIB tokens. This recent surge appears to have a positive correlation with SHIB’s price, as open interest generally reflects the renewed interest in it.
Moreover, Binance also noted a major increase in SHIB’s trade volume in the past four days, currently standing at 2.44 trillion tokens. However, the asset is currently trapped in an ascending triangle, while trading at $0.000011. Nevertheless, there are expectations that it can break out of the triangle and target its February highs of $0.000015.
The Shiba Inu Community has remained active on the publicity front, as well. They recently announced their partnership with legendary musician Scott Page and NFT collaboration with well-known sculptor Jack Storms. The two projects will be accepting SHIB as payment. In addition, Shiba Inu was one of the top 3 most viewed assets on CoinMarketCap’s Q1 2023 report.
Taken all together, this series of events indicate that Shiba Inu is set for a major breakthrough as interest in it gathers momentum. Investors are expecting that its price would soon follow the increase of its Open Interest.
Christopher Wood
- 2023-04-12
Shiba Inu Gathers Momentum
Shiba Inu has recently been garnering massive attention due to the recent surge in its Open Interest (OI) value. Binance also noted a major increase in SHIB’s trade volume in the past four days, currently standing at 2.44 trillion tokens. The Shiba Inu Community has remained active on the publicity front, as well.
