Shiba Inu (SHIB) has flipped bullish as the open interest on the meme coin has turned green with a 2.03% increase. This translates to 11.36 trillion SHIB valued at $158.65, million according to CoinGlass data.
Shiba Inu open interest signals hope
Open interest represents the total number of outstanding derivatives contracts for SHIB. This mild uptick suggests that some Shiba Inu holders are indicating speculative interest in a possible increase in the price of SHIB.
This reversal comes as traders on the Gate.io exchange embraced the price dip to accumulate the token. The exchange registered 54.18% of the total open interest with 6.68 trillion SHIB valued at $85.97 million.
Others, including Bitget, OKX and Bitunix, followed with 2.02 trillion SHIB, 1.15 trillion SHIB and 958.22 million SHIB, respectively. In that order, investors in these exchanges committed $26.03 million, $14.86 million and $12.34 million.
Despite these positive shifts, Shiba Inu continues to experience volatility on the market. SHIB plunged to $0.00001265 in earlier trading and continues to test critical support zones.
As of press time, Shiba Inu was changing hands at $0.00001284, representing a 0.67% decline in the last 24 hours. Meanwhile, a significant 14.41% increase in trading volume at $153.67 million has occurred.
Historical patterns
Interestingly, Shiba Inu has experienced challenging moments ahead of this mild uptick in open interest. It is worth noting that SHIB volume dropped by a significant 12.3% amid the crashing price. This indicates the meme coin remains troubled.
Some market participants remain cautious as June remains historically bearish for the meme coin. In the existence of Shiba Inu, June has consistently posted red candles in the market space. However, market participants hope trends might shift in 2025, based on ecosystem developments.
Expectations now hinge on the fact that for SHIB to rebound, it has to breach $0.0000145. This price level remains a critical resistance level for Shiba Inu.
