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The Shiba Inu (SHIB) meme coin has experienced a slight surge in open interest as it exhibits bullish performance. In just 24 hours, Shiba Inu investors committed 14.73 trillion SHIB tokens in open interest, demonstrating their bullishness on the future potential of the meme coin.
Why Shiba Inu investors are bullish
According to CoinGlass data, Shiba Inu open interest spiked to 14.73 trillion SHIB over the past 24 hours. In fiat terms, this translates to about $190.3 million, according to the current market price.
For context, open interest refers to the sum of unsettled active futures contracts that investors have committed to SHIB.
Hence, massive investment in SHIB suggests confidence from investors. This suggests they may be anticipating a significant price rally in the next few days.
Notably, the positive trend on the futures market quickly reflected in the SHIB price. As of press time, the Shiba Inu price was hovering at around $0.00001292, marking a 1.5% increase over the previous day.
Despite the daily surge, the trading volume decreased slightly by 1.6% to $225.6 million. Still, the second-largest meme coin appears set for more rallies, considering its monthly surge of 14.6%.
SHIB eyes new milestone
Note that the current bullish momentum is supported by capital rotation from Bitcoin (BTC) into the altcoin sector. Bitcoin has recovered to the $118,000 level, rallying by 0.52% over the previous day.
Top altcoins, including Ethereum (ETH), XRP, Binance Coin (BNB), Solana (SOL) and Shiba Inu, also rose in tandem with Bitcoin.
SHIB reached as high as $0.0000131 in earlier trading sessions today before dropping to current levels. However, SHIB could see a breakout toward $0.0000145 and possibly higher if it can maintain the $0.000013 level. This projection is further supported by increased volume, which is currently on the upside.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team