Many digital currencies on the market, including Shiba Inu (SHIB), are paring off their losses at the moment. Data from crypto data platform CoinGlass shows that Shiba Inu Open Interest has returned to peak levels. As of writing time, this metric skyrocketed by more than 15% in the past 24 hours, setting a new benchmark for renewed interest in the token.
Shiba Inu Open Interest and price correlation
According to the CoinGlass data, a total of 13.2 trillion SHIB has now been committed by futures traders as positive sentiment returns. With Open Interest and a 24-hour volume ratio of 2.2542, SHIB backing on futures exchanges has flipped positive.
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Open Interest is a crucial metric that shows how much leverage investors want to hold amid a volatile market trend. While this current Open Interest outlook is the most promising over the past week, futures traders did not generally abandon the market despite wide swings.
The Shiba Inu correlation comes at a time when the price of the underlying token needs an urgent recovery. It has traded around the $0.000016 mark for a while, and there is projection of a possible breakout soon.
Notably, the expectation is that the SHIB price may trail a similar path as the 15% boost in the OI in the not-too-distant future. For now, the token was up 1.75% in 24 hours to $0.00001616.
SHIB boom and unlikely catalyst
For Shiba Inu, the growth trend is not definitive. However, the complementary action from whales and retail traders might help sustain the current growth momentum.
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Over the past seven days, more altcoins, including Cardano (ADA), recorded significant headwinds. However, Cardano is charting a more ambitious growth pathway with a potential ETF product, whose application has been forwarded to the U.S. SEC by Grayscale Investments.
With top meme coins getting related products filed on their behalf, SHIB community members are loosely anticipating a Shiba Inu ETF that might change the narrative overall.
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