Shiba Inu futures traders are making their way back to the market, as momentum appears to be building again after multiple days of weak market conditions.
In what appears to be a sudden flip in investor sentiment, the Shiba Inu open interest metric has returned to the bullish side, showing a mild resurgence over the last day, according to data from Coinglass.
SHIB OI up 3% as price resurgence
On Thursday, January 22, the Shiba Inu open interest metric saw a decent increase of 3.85%, as futures traders appeared to be opening new positions amid resurging interest in the asset.
With SHIB futures traders now pulling positive moves, over 10,930,000,000,000 SHIB tokens have been committed by traders in the last 24 hours.
While the Shiba Inu open interest metric measures the total number of outstanding derivatives contracts for SHIB, a surge in the metric often reflects growing interest and demand among retail and institutional investors.
With SHIB OI now decently up by nearly 4%, it appears that some Shiba Inu holders are convinced about a potential increase in the price of SHIB, and they are placing their bets in this regard.
SHIB price makes bullish comeback
Following the resurgence in the Shiba Inu open interest metric, its price is back on a bullish trajectory after trading in the deep red territory over the past days.
While Shiba Inu is currently showing a mild price resurgence as investors begin to regain confidence, data from CoinMarketCap shows that the asset has surged decently by 1.77% over the last day.
Amid the positive price trend, Shiba Inu is trading at $0.000007880 as of writing time. While traders are gradually regaining their bullish stance, SHIB trading volume is still showing a notable decline of about 8.47%, currently sitting at around $101.64 million.
With this mild price resurgence, Shiba Inu appears to remain on track to closing January on a positive note, as it still retains about 10% gains over the last 30 days.
Caroline Amosun
Alex Dovbnya
Gamza Khanzadaev
Tomiwabold Olajide