According to U.Today, the cryptocurrency market is showing signs of cautious optimism, particularly within the Shiba Inu (SHIB) ecosystem. Shiba Inu's price is currently trading at $0.000017, marking a 2.33% increase in the last 24 hours. Data from Coinalyze indicates that the Open Interest for the token is also experiencing a bullish trend, with a more than 5% increase overnight.
Open Interest data reveals that a total of $20.5 million in perpetual contracts were recorded overnight, exerting significant pressure on market bears. This comes after a prolonged downturn in the token's price in June. The perpetual contract, involving more than 120 billion SHIB, has set the stage for a potential rebound for the meme coin.
Several other metrics are contributing to this bullish sentiment. For example, the 24-hour trading volume saw a more than 47% increase overnight, with a total of $199,055,365 traded on centralized exchanges. Additionally, the Shiba Inu burn rate has charted a different bullish path for the month, skyrocketing by as much as 2,750% in 24 hours. Historically, a significant rebound is anticipated for Shiba Inu this month, and the Open Interest from futures traders suggests this is a possibility.
While Shiba Inu has spent most of the year building, its token is expected to start reaping the benefits of this growth starting this month, following a massive plunge in June. One of the most significant validations for Shiba Inu came from Kronos, a U.S. tech giant that has announced it will now accept SHIB as payment for its products. This not only presents a huge opportunity for Shiba Inu, but it also provides a crucial use case for all Shiba Inu holders.