Shiba Inu's Surging Open Interest on Major Exchanges Shows Signs of a Potential Comeback🚀

Shiba Inu is back in the spotlight with a sudden spike in value, even though it took a slight hit of 4% in the last 24 hours. After a quick drop to $0.00002092, it bounced back to hit $0.00002296.

The surge in interest isn't just hype. Major exchanges like Huobi and OKX are seeing a surge in Shiba Inu activity, with open interest climbing to nearly $16 million and $15 million, respectively. This means more people are jumping into Shiba Inu futures contracts.

But not everyone's cheering. Traders seem divided. While the increased interest is a good sign, the Long/Short Ratio, currently at 0.94, suggests some traders are betting on a drop in Shiba Inu's price. It's a mixed bag of feelings in the Shiba Inu community.

Looking at leveraged trading, it's clear Shiba Inu is a hot topic. Across various exchanges, open interest in Shiba Inu futures contracts is massive, totaling 2.40 trillion SHIB tokens. Some exchanges like Bitget are seeing big gains, while others like BingX and CoinEx are also on the rise.

On-chain data also looks promising. Despite recent ups and downs, the number of SHIB tokens held on exchanges has been dropping since October 2023. This suggests that long-term investors are staying confident in Shiba Inu, even during market dips.

With all these ups and downs, Shiba Inu's market remains unpredictable. But with on-chain data pointing towards long-term confidence, it's clear that Shiba Inu is a cryptocurrency worth keeping an eye on.

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