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The crypto market bloodbath has set Shiba Inu on a very unusual recovery path, as shown in its futures open interest market. The digital currency has seen its price nosedive by 4.73% in 24 hours to $0.00001255, an outlook that has impacted the open interest data. Judging by the current market outlook, a major SHIB test is now unfolding, with a potential rebound in view.
Shiba Inu open interest outlook
According to data from CoinGlass, Shiba Inu has seen a total of 14,910,000,000 SHIB locked in its futures market over the past 24 hours. It is worth noting that this figure comes with a 24-hour drop of 6.38%, a sign of a reduced slip in SHIB open interest from over the weekend.
Valued at more than $194 million, the SHIB open interest is beginning to see a positive uptick over the past hour. The crypto, and particularly altcoin, market has not completely recovered, with Ethereum leading a sustained sell-off.
If the hourly positive uptick in Shiba Inu open interest is sustained, derivatives traders may serve as the first point of call for a possible rebound.
The token remains in the spotlight with numerous triggers, including the actions of SHIB whales. For now, the token’s trading volume is still up over 77% to $196 million, a sign of a sustained adoption trend on the market.
Shibarium effect
Despite the uncertainties on the broader crypto market, key aspects of the Shiba Inu ecosystem have continued to grow. Over the weekend, Shibarium, the project’s layer-2 network, clocked 2, with the community celebrating its milestones.
Some of these achievements include over 1.5 billion transactions registered on-chain, with Woofswap and other dApps serving as crucial adoption channels.
Should the broader ecosystem outlook retain its positivity, it may help the SHIB price regain its positive price action eventually.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team