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Dog themed meme piece Shiba Inu (SHIB), has seen its open interest skyrocket amid the ongoing rebound in the cryptocurrency market. According to According to CoinGlass data, 18.64 trillion SHIB worth $399.79 million in outstanding derivative contracts were opened in the last 24 hours.
Renewed interest amid SHIB volatility
This peak in open interest suggests a 25% increase in 24 hours. This suggests renewed interest in SHIB despite its continued price volatility and the token’s inability to reach new levels. Notably, SHIB has struggled to regain new price levels over the past month after falling below $0.000028 about a month ago.
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At the time of writing, the SHIB price was change hands at $0.00002133, an increase of 6.06% in the last 24 hours. This marks a significant increase from its previous low trading price of $0.00001978.
The current rise in Open Interest has revived hope among some investors of a probable rebound if the dynamic manages to remain at the same level.
The Gate.io exchange accounted for more than three-quarters of Open Interest’s numbers, with 15.29 trillion SHIB. This equates to $326.90 million, or 81.76% of the total.
Bitget and OKX are the only other crypto exchanges with open interest in the billions. Bitget recorded 1.69 trillion SHIB or $36.07 million, while OKX had 1.07 trillion SHIB or $22.86 million.
Technical recovery and market sentiment
Notably, this current attempt by SHIB stems from its ability to publish a recovery above the critical support level of 200 EMA. A move below this point could have posed a danger for investors, as the price of the meme coin could have fallen further.
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The 200 EMA is considered a tipping point between bullish and bearish price trends. However, the SHIB recovery has revived market participants’ hopes for the token.
As reported by U.Today, SHIB reversed its downtrend and investors are hoping that the meme coin will maintain the current momentum. Analysts argue that this is the only way for the asset to reach new highs.