The crypto market is cautious about its newly discovered recovery push, which has brought a unique optimism back to the Shiba Inu (SHIB) ecosystem. At the time of writing, the Shiba Inu price is trading at $0.000017, up 2.33% in 24 hours. Open interest in the token is also on the rise, jumping more than 5% overnight, according to data from Coinalyze.
Many other indicators are helping to reinforce this bullish sentiment. For example, 24-hour trading volume jumped over 47% overnight, with a total of $199,055,365 moving across centralized exchanges. Additionally, the Shiba Inu Stock Burn Index set another bullish course for the month, soaring 2,750% in 24 hours. Historically, a big rebound is expected for the Shiba Inu this month, and open interest from futures traders points to that possibility.
Although Shiba Inu has spent the better part of the year building up, its token could begin to reap dividends from that growth starting this month. This is expected after a massive fall in June.
One of the biggest tests for Shiba Inu came from US tech giant Kronos, which announced that it now supports SHIB when paying for its products. Not only is this a huge opportunity for Shiba Inus, but it is also a vital use case for all Shiba Inu owners.
Subscribe to the blog, here we publish new articles, videos and other materials that will help you earn money.
