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Shiba Inu (SHIB), the dog-themed meme coin, is in rebound mode as open interest skyrocketed over 36% in the past 24 hours. This rebound coincides with SHIB crossing the $0.0000211 price level during the same period.
Increased SHIB Open Interest on Exchanges
Data from CoinGlass shows that 8.34 trillion SHIBs valued at $181.45 million in outstanding derivative contracts were opened in 24 hours. This indicates increased investor interest in the meme coin, which has recently faced price volatility.
The Gate.io exchange recorded the highest open interest figures, accounting for more than half of SHIB’s 8.44 trillion. The exchange processed $4.93 trillion, or 58.98% of the total open interest valued at $107.02 million.
Bitget and OKX followed far behind in second and third, with 1.70 trillion and 1.06 trillion, respectively. Bitget’s open interest value of $36.94 million, or 20.35%, is almost 65 billion SHIB more than that of OKX, which recorded $23.03 million, or 12 .69% of the figure.
The price retracement of SHIB could have triggered this increase in the open futures position on the various exchanges. Over the past seven days, SHIB has struggled to breach crucial resistance levels amid a massive market sell-off.
Price movement and trade dynamics
However, in the last 24 hours, the asset rose from a low of $0.00002055 to a high of $0.00002198. At the time of writing, SHIB is trading at $0.00002169, representing an increase of 2.85%, by CoinMarketCap data.
This rebound in prices could be an effect of the degradation of the ecosystem massive token burn activity. SHIB’s deflationary metric surged by an astonishing 4,100%, erasing 21,709,094 SHIB tokens from circulation on January 8. This decision contributed to the total reduction in supply and may have supported the rise in prices.
Analysts also believe that with SHIB about to be oversoldthe asset may have bottomed out and is now rebounding. Investors and traders will want to see a resurgence in price action for the dog-themed meme coin.