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Dog-themed meme coin Shiba Inu (SHIB), has seen open interest rise amid the ongoing recovery in the cryptocurrency market. According to According to CoinGlass data, 18.64 trillion SHIB worth $399.79 million worth of outstanding derivatives contracts were opened in the past 24 hours.
Renewed interest amid SHIB volatility
This spike in open interest indicates a 25% increase within 24 hours. It indicates renewed interest in SHIB despite ongoing price volatility and the token's inability to reach new highs. Notably, SHIB struggled to rediscover new price levels last month after falling below the $0.000028 level about a month ago.
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As of this writing, the price of SHIB changing The stock price is $0.00002133, an increase of 6.06% in the past 24 hours. This represents a significant rise from the previous low trading price of $0.00001978.
The current surge in open interest has revived hope among some investors for a potential rebound if momentum remains at the same level.
Gate.io exchange accounted for more than three-quarters of open interest numbers, with 15.29 trillion SHIB. This amounts to $326.90 million, or 81.76% of the total numbers.
Bitget and OKX are the only two cryptocurrency exchanges with open interest in the trillions. Bitget recorded 1.69 trillion SHIB, or $36.07 million, while OKX recorded 1.07 trillion SHIB, or $22.86 million.
Technical recovery and market sentiment
It is worth noting that this current attempt by SHIB stems from its ability to publish a restoration Above the critical support level 200 EMA. A slip below this point would have been a risk for investors as the price of the meme could have fallen further.
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The 200 EMA is considered a turning point between bullish and bearish price trends. However, SHIB's recovery has revived market participants' hopes in the token.
like I mentioned By U.Today, SHIB has reversed its downward trend, and investors are hoping that the meme coin will maintain the current momentum. Analysts assert that this is the only way for the asset to reach new heights.
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