Shiba Inu (SHIB), the dog-themed meme coin, recorded a 4.70% increase in value within the last 24 hours.
This development follows SHIB’s rebound move, which some consider an attempt to shift from its bearish decline.
SHIB’s Price Action and Market Response
Market data shows SHIB trading at $0.00001223 as of this writing. The surge is significant as SHIB breached the $0.0000122 resistance level.
However, other indices supporting further uptick have yet to be picked up. Notably, investors have not reacted to the major sentiments in the ecosystem around SHIB.
As such, the memecoin is still experiencing a 35.04% decrease in trading volume at $280.89 Million.
Analysts opine that a momentary market price rise was insufficient for Shiba Inu to witness a sustained increase in value.
They insist SHIB investors need to actively trade the memecoin over time just as the ecosystem continues its deflationary burn mechanism.
Its trajectory turned negative in the last 30 days after SHIB plummeted below the $0.000016 level.
The highest level SHIB has climbed within the last seven days is $0.00001276.
The memecoin has continued to experience intense fluctuations that have not supported its rebound move.
However, this recent growth has sparked optimism among market participants about a possible trend reversal.
However, predicting how far SHIB can climb remains uncertain, particularly with the gloomy outlook in the broader financial space.
SHIB’s Open Interest Sees Stronger Commitment
Meanwhile, in the last 24 hours, SHIB futures’ Open Interest has also increased.
SHIB’s Open interest recorded a 7.28% increase as market participants committed to the memecoin.
Shiba Inu traders have committed 9.07 trillion SHIB tokens to the futures market, betting on the asset’s appreciation.
This volume equates to approximately $111.77 Million. According to CoinGlass data, Gate.io has the highest exposure to the Shiba Inu Open Interest market, with 6.67 trillion SHIB valued at $81.95 Million.
This represents 73.31% of the cumulative Open Interest at the time of writing.
OKX follows at a distant second with just 10.96% of the total value. Users on the exchange committed 997.07 billion SHIB valued at $12.26 Million.
Bitget follows closely, with 890.01 billion SHIB worth $10.94 Million, or 9.78% of the total futures Open Interest committed by traders.
Experts consider the spike in Open Interest to be significant, indicating that despite SHIB’s volatility, the memecoin still has positive adoption sentiments.
Will Shiba Inu Break Higher or Slip Lower?
The Shiba Inu ecosystem continues to try to stabilize price action. A notable community-driven mechanism is the burn rate, which reduces circulating supply in the hope of driving price growth.
In a recent move, the Shiba Inu ecosystem torched over 29.99 million SHIB tokens, as the burn rate soared to a staggering 3,705%.
Market watchers considered the development a worthy dedication to regulating token supply to trigger the ecosystem’s growth.
Despite these efforts, SHIB continues to experience intense volatility and bearish pressure, pushing its value downward.
Ali Martinez, an on-chain analyst, noted that if SHIB cannot stabilize above $0.000012, the memecoin could slip further and add another zero.
Martinez predicts a plunge to $0.0000094, which matches the 0.786 Fibonacci retracement level.
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