Shiba Inu, one of the best-performing meme tokens, is seeing renewed momentum after it recently saw a brief price correction as bullish traders flood its derivatives market again.
While this has printed a bullish signal for the leading meme token, the latest data from Coinglass shows a massive surge in activity in the Shiba Inu derivatives market across all exchanges.
Shiba Inu reclaims 10.74 trillion threshold
As bullish traders appear to be dominating the crypto market again, Shiba Inu futures traders are also flooding the market as data shows an explosive surge in the asset's open interest volume over the last day.
Per the data, the Shiba Inu open interest has surged by 19.28% over the last 24 hours as futures traders begin to show renewed interest and increasingly open new positions.
Following this massive surge in the Shiba Inu open interest metric, over 10,740,000,000,000 SHIB tokens have been committed to derivative markets across all major exchanges as of Saturday, September 5th.
The rapid surge in Shiba Inu futures activity suggests that Shiba Inu holders are increasingly becoming convinced about a potential increase in the price of SHIB and are massively betting on this possibility.
Shiba Inu holds above $0.000005
After Shiba Inu claimed the crucial $0.000005 price level during the massive price rally seen last month, the asset has continued to trade above that level until this moment.
While it has maintained the level despite the brief price correction seen in previous days, it appears that momentum around Shiba Inu is still strong and could drive the asset to removing a zero soon.
Dan Burgin
U.Today Editorial Team
