It appears that Shiba Inu (SHIB) has commenced its rebound journey to eliminate a zero. A crucial market metric has flipped bullish in the last 24 hours, and if momentum is sustained, it could catalyze higher price levels.
Open interest offers hope for Shiba Inu investors
Notably, in the last 24 hours, investors have increased engagement with Shiba Inu, as seen with the growing open interest in the meme coin.
SHIB registered an open interest uptick of 1.89%. For context, increased open interest suggests growing demand for an asset.
That is, investors are reawakening their desire to keep the dog-themed meme coin. This development is generally a bullish sign as more market participants might be motivated to also accumulate SHIB, thereby creating demand.
According to CoinGlass data, the bet on Shiba Inu’s futures market, which has climbed by 1.89%, is $109.75 million. This is equivalent to 12.27 trillion SHIB across different exchanges. Most of the traders betting on a flip are on the Gate exchange, with a total of 5.20 trillion SHIB worth $48.28 million, or 41.25% of Shiba Inu’s total open interest.
Other top exchanges include LBank, OKX and MEXC with 12.84%, 10.68% and 10.02% of the total open interest, respectively. In fiat terms, these traders committed $14.10 million, $11.72 million and $11.01 million in that order.
Thus far, Shiba Inu has recorded gains in the last 24 hours as the price climbed from a low of $0.000008499 to a daily peak of $0.00008827. As of press time, Shiba Inu is exchanging for $0.000008658, which represents a 1.12% increase within this time frame.
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Although there has been a surge in whale activity in the last seven days, trading volume has declined by 23.55% to $103.3 million. It appears that whale activity is leaning toward a sell-off.
Bollinger Bands support SHIB’s path toward $0.00001
However, if the current open interest is able to revive market participants and buying pressure builds, Shiba Inu could be heading toward the $0.00001 zone.
Interestingly, the meme coin’s uptrend remains intact as its Bollinger Bands signal hope for the rebound journey ahead. With prices above its slightly depressed upper bands, SHIB could steadily climb upward.
This outlook is threatened by a lack of deflationary action in the Shiba Inu ecosystem. As U.Today reported, burn rate crashed to less than one SHIB in the last 24 hours as the ecosystem failed to take steps to reduce the circulating supply.