Shiba Inu is regaining momentum across both its spot and derivatives markets as market sentiment on the leading meme token appears to be flipping bullish again.
While Shiba Inu has suddenly flipped to the positive side of the market, latest data from Coinglass shows a massive reawakening from its futures traders following a 7% spike in its open interest.
SHIB futures traders are bullish
Following the notable increase in the Shiba Inu open interest volume over the last 24 hours, the data further showed that the Shiba Inu metric is about to hit 10 trillion SHIB again, sitting at 9.90 trillion as of Monday, August 10.
While the sudden increase in the Shiba Inu OI coincides with a sudden price flip into the green territory, it appears that traders are becoming more active in the SHIB derivatives market after a period of heightened volatility.
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While open interest typically means that more capital is entering the futures market, the sharp increase seen over the last day suggests that investors are regaining interest in the leading meme asset despite the heavy bloodbath seen in previous days.
Shiba Inu heads for $0.000005 again
The rebound in the SHIB futures market suggests that momentum is building again, as it has arrived after SHIB flipped from its prolonged downturn while attempting to regain its footing and reclaim the $0.000005 level.
As of the time of writing, Shiba Inu is trading around $0.0000047, following a modest increase of 1.67% over the last day, sparking hopes for a major price move soon.
Nonetheless, analysts believe that Shiba Inu could be headed for a major price recovery if it is able to maintain the strong futures momentum and reclaim the crucial $0.000005 price level.
U.Today Editorial Team
Dan Burgin
