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Shiba Inu (SHIB) Open Interest Down 7%, When Rebound?

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Tue, 7/05/2024 - 13:05
Shiba Inu (SHIB) Open Interest Down 7%, When Rebound?
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Shiba Inu (SHIB) has seen its price drop by 3.79% in 24 hours to $0.00002396 amid the failed effort to reboot its growth. At the time of writing, the most important Shiba Inu performance metrics are divided, with some bullish and others bearish.

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Shiba Inu's Open Interest is bearish

While the price is down at the moment, so also is Open Interest (OI). Available data from Coinalyze pegs Shiba Inu Open Interest at $35.9 million, down by 7.2% over the past 24 hours. The data shows that it is only the perpetual futures that had readings as traders went solo on futures contracts.

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Open Interest data provides a very important insight into the market sentiment for any financial asset, including Shiba Inu. That the Open Interest is low means the market liquidity and pricing is low, an outlook that is not good for the token. However, the volatility of Shiba Inu generally makes it resilient.

Fluctuations in the market might help revitalize Open Interest in the near term. For now, Shiba Inu investors with trust in market recovery are anchoring their optimism on the 13.19% growth in spot trading volume to $518,107,370.

Shibarium lends unique sentiment

The majority of the sentiment within the Shiba Inu ecosystem has revolved around updates from Shytoshi Kusama and the project’s layer-2 scaling solution, Shibarium. In earlier reports, Shibarium notably recorded a 1,733% surge in activity, with 780 new accounts established in a single day.

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While this is not a milestone that is new to Shibarium, interest tapered down at the time, thus making this jump a notable one. Besides traders' interests, there is a need to grow SHIB's utility across the board.

Shibarium is one of the key avenues to drive SHIB usage and also boost the deflationary tendencies that can ultimately fuel price rallies.

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