Shiba Inu (SHIB) has registered significant activities in the last 24 hours as investors move strategically amid ongoing price volatility. According to CoinGlass data, over 18 trillion SHIB tokens have been committed in open interest.
SHIB’s open interest soars despite price dip
Notably, 18.24 trillion SHIB tokens valued at $334.44 million were invested, as shown by the open interest data, signaling increased interest from SHIB investors. The massive SHIB volume indicates investors are betting on the meme coin’s soaring price.
As of this writing, SHIB price was trading for $0.00001829, down by 2.55%. Similarly, its market volume has slumped by 18.21% to $276.88 million.
Despite these low numbers, investors remain bullish on the dog-themed token, consolidating their positions ahead of a major break. SHIB’s price movement between a low of $0.00001775 and a high of $0.00001899 could indicate an imminent price rally ahead for these market participants.
Meanwhile, open interest activities were highest on Gate.io. The crypto exchange registered 81.03%, or 14.77 trillion, of the cumulative volume, which amounts to $271.03 million.
Bitget and OKX came in a distant second and third, respectively. Bitget’s total open interest was $30.27 million or 1.65 trillion, representing 9.05%, while OKX had 6.06%, or 1.11 trillion valued at $20.28 million.
Shiba Inu ecosystem in hype mode
Analysts suggest that a recent update by Shytoshi Kusama, SHIB’s lead developer, might have influenced the current increase in open interest. In the update, Kusama urged the SHIB community to brace for an “extremely powerful partnership” announcement soon.
He suggests the development could significantly transform the ecosystem. Although he was silent on the details, investors might have taken this to bet on a potential upward price move for SHIB.
Besides, as reported by U.Today, Shiba Inu recently printed a green candle after experiencing a week-long losing streak. This development also fueled investors’ optimism that SHIB’s massive decline could be halted.
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