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Shiba Inu (SHIB), the dog-themed meme coin, is in rebound mode as open interest has risen over 36% in the past 24 hours. This bounce coincides with SHIB breaking the $0.0000211 price level during the same time frame.
SHIB rises in open interest across exchanges
Data from Queen Glass It shows that 8.34 trillion SHIB worth $181.45 million of outstanding derivatives contracts were opened within 24 hours. This indicates increased investor interest in the meme currency, which has faced price fluctuations recently.
The Gate.io exchange had the highest open interest numbers, accounting for more than half of the 8.44 trillion SHIB. The exchange traded $4.93 trillion, or 58.98% of total open interest of $107.02 million.
Bitget and OKX followed in second and third place with 1.70 trillion and 1.06 trillion, respectively. Bitget's open interest is $36.94 million, or 20.35%, roughly 65 billion SHIB more than OKX, which recorded $23.03 million, or 12.69% of the number.
A decline in SHIB prices could have led to an increase in open futures positions across various exchanges. In the past seven days, SHIB struggled to break through crucial resistance levels amid widespread market selling.
Price movement and trading dynamics
However, in the last 24 hours, the asset jumped from a low of $0.00002055 to a high of $0.00002198. As of this writing, SHIB is trading at $0.00002169, which represents an increase of 2.85%, per CoinMarketCap data.
This rise in prices may be a result of the ecosystem Huge symbolic burning activity. SHIB's contraction gauge rose by a staggering 4,100%, resulting in 21,709,094 SHIB tokens being wiped from circulation on January 8. This move contributed to a decline in overall supply and may have supported higher prices.
Analysts also believe that with SHIB on the brink of existence OversoldThe asset may have reached its lowest point and is now bouncing back. Investors and traders alike will want to see a rebound in price action for the dog-themed meme coin.
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