According to U.Today, Shiba Inu (SHIB) is in significant recovery mode, with multiple indicators turning green, indicating that investor interest in the ecosystem is returning.
Data from CoinMarketCap shows that the price of Shiba Inu is $0.00002245, up 2.81% in the past 24 hours. Trading volume fell 5.35% to $853 million, and buying interest remains low, but there is a small amount of optimism that higher gains may be imminent.
Data from Coinalyze shows that the open interest (OI) for perpetual contracts is $31.9 million, up 2.61% in the past 24 hours. This open interest is critical to the health and future performance of SHIB. It shows that more risk-on trading investors are beginning to hope for higher growth in the coin's value, in addition to regular return optimism. Moreover, other key network metrics of Shiba Inu cannot be ignored in its quest for a major recovery. The burn rate and the Shibarium network play a key role in reigniting retail investors' interest in the token.
This week, SHIB’s burn rate has remained elevated, currently up 25.92%, with over 24 million tokens removed from circulation. On the other hand, Shibarium’s transaction count has dropped significantly from the millions per day regularly recorded in Q4 2023. However, it remains a key indicator in determining the health of the network and overall usage and demand for SHIB in the long term.