Shiba Inu (SHIB) Open Interest Falls 7%, When Will It Rebound?
As efforts to restart growth failed, the price of Shiba Inu (SHIB) fell 3.79% in 24 hours to $0.00002376. At the time of writing, the most important Shiba Inu performance indicators are divided, some bullish and some bearish.
While the price is currently falling, the open interest (OI) is also falling. Available data from Coinalyze shows that Shiba Inu open interest is $35.9 million, down 7.2% in the past 24 hours. The data shows that only perpetual futures have readings when traders buy futures contracts individually.
Open interest data provides very important insights into the market sentiment of any financial asset, including Shiba Inu. Low open interest means low market liquidity and pricing, which is not good for the prospects of the token.
However, Shiba Inu's volatility generally makes it resilient. Market volatility may help to revive open interest in the short term. Currently, Shiba Inu investors, confident in a market recovery, are pinning their optimism on a 13.19% increase in spot trading volume to $518,107,370.
Much of the sentiment within the Shiba Inu ecosystem is centered around updates to Shytoshi Kusama and the project’s layer 2 scaling solution, Shibarium. In previous reports, Shibarium saw a notable surge in activity of 1,733%, with 780 new accounts added in a single day.
While this is not a new milestone for Shibarium, interest was waning at the time, making this jump a notable one. Beyond the interests of traders, there is a need to improve the utility of SHIB across the board. Shibarium is one of the key ways to drive SHIB usage, while also promoting deflationary trends that will ultimately drive prices higher.
