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Shiba Inu (SHIB) in Recovery Mode as Open Interest Surges

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Wed, 17/04/2024 - 9:08
Shiba Inu (SHIB) in Recovery Mode as Open Interest Surges
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Shiba Inu (SHIB) is in a major recovery mode as several metrics turned green, indicating the return of investor interest to the ecosystem. At the time of writing, data from CoinMarketCap pegs the price of Shiba Inu at $0.00002245, up by 2.81% in the past 24 hours. Buying interest as showcased by the 5.35% drop in trading volume to $853,696,955 remains low, but niche optimism has proven that a higher surge may be underway.

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One of the key indicators of a revived Shiba Inu is the uptick in Open Interest (OI) in the past 24 hours. Data from Coinalyze shows the OI for Perpetual Contracts at $31.9 million, up by 2.61% within the time frame.

This Open Interest is vital to SHIB’s health and future performance. It shows that beyond the regular return optimism, more risk-on trading investors are beginning to nurse hope of higher growth in the coin. Shiba Inu in itself has been suffering intense bouts of liquidation amid the broader market-induced volatility.

The same market that served as its major stumbling block may now also serve as a key boost, as recovery appears encompassing.

Shiba Inu: Burn rate and Shibarium factor

For Shiba Inu, its other key network metrics cannot be ruled out in its push for a major recovery. The burn rate and the Shibarium network play a crucial role in rekindling retail investors' interest in the token.

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Thus far this week, the SHIB burn rate has remained largely positive, and it is currently up by 25.92%, with over 24 million tokens taken out of circulation. The Shibarium transaction count, on the other hand, has recorded a massive plunge from the daily millions often recorded in the fourth quarter of 2023.

Nonetheless, it remains a key metric that determines the health of the network and the overall usage and demand for SHIB in the long term.

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