The cryptocurrency market’s volatility has again highlighted Shiba Inu, a popular meme coin, which recently experienced a surge in value.
Despite a 4% drop in its price over the last day, the coin managed to reach a peak of $0.00002296, recovering from a dip to $0.00002092 just a day prior.
Significant activity on major cryptocurrency exchanges underscores this recent uptick in interest in Shiba Inu.
Notably, the open interest on platforms such as Huobi and OKX has dramatically increased, with figures reaching around $16 million and $15 million respectively.
This rise in open interest indicates a higher level of market engagement, particularly in futures contracts involving Shiba Inu.
However, the market sentiment remains decidedly mixed despite the positive movement in open interest and value.
The Long/Short Ratio currently stands at 0.94, revealing that a greater number of traders are speculating on a potential decrease in the coin’s value rather than an increase.
This ratio highlights the complex and often contradictory nature of market dynamics and investor sentiment surrounding Shiba Inu.
READ MORE: Puffer Finance Raises $18 Million in Series A to Launch Ethereum-based Liquid Staking Mainnet
Further insights are gleaned from statistics on leveraged trading, which show substantial engagement across several exchanges.
For instance, the combined open interest for Shiba Inu futures across platforms like Bitget, CoinEx, BingX, Huobi, OKX, Kraken, and BitMex totals an impressive 2.40 trillion SHIB tokens.
Bitget leads these exchanges with significant gains in open interest, while BingX and CoinEx also display noteworthy increases.
On-chain data offers a more optimistic perspective, suggesting a bullish future for Shiba Inu despite recent price volatility and mixed market sentiment.
The ongoing decrease in the number of SHIB tokens held on exchanges since the bull market began in October 2023 signals strong long-term investor confidence.
This trend has continued, resilient even through the recent market lows in March and April, indicating a robust commitment from Shiba Inu’s investors.
Despite the complexities and uncertainties inherent in the crypto market, the recent increases in price and open interest, coupled with favorable on-chain indicators, suggest that Shiba Inu remains a significant crypto asset.
The diverging views among traders add depth to the overall market narrative, making Shiba Inu a cryptocurrency to continue watching closely.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
