The Shiba Inu derivatives market has seen a mild resurgence as its open interest is currently flashing green with a decent increase of about 0.89% over the last day.
In an unexpected move that appears to be a sudden flip in investor sentiment despite the broad crypto market slowdown, the Shiba Inu open interest metric has returned to the bullish side.
According to data from CoinGlass, over 12,290,000,000,000 SHIB have been committed to its futures market over the past day, suggesting that investors are still positive about a potential recovery for SHIB’s trading price.
SHIB’s price stays in red
Per further on-chain data, the slight increase in SHIB’s open interest has come despite the massive plunge in the price of the leading dog-themed meme token. At press time, Shiba Inu is trading $0.000007289, a mild decrease of about 0.34% over the last 24 hours.
Nonetheless, it is important to note that 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.
As such, with the sharp resurgence seen in Shiba Inu’s open interest on Jan. 30, it appears that futures traders are increasingly opening new positions amid resurging interest in the asset.
While Shiba Inu is currently trading close to a possible price resurgence, the positive futures market suggests that investors are beginning to regain confidence.
With this metric, market analysts are positive that Shiba Inu is positioning for a major rally ahead.
Caroline Amosun
Tomiwabold Olajide
Denys Serhiichuk
Gamza Khanzadaev