The cryptocurrency market has recently experienced a downturn, causing concern among investors. Even the popular meme coin Shiba Inu has not been immune to these declines.
However, despite a recent 4% loss in value, SHIB has caught the attention of investors once again. The meme coin’s price increased from $0.00002092 to $0.00002296 after a brief drop the previous day. The renewed interest in Shiba Inu begs the question: what does it signify?
Reasons for Renewed Interest in Shiba Inu (SHIB)
This renewed interest in Shiba Inu, evident from the rise in open interest on major exchanges, indicates a growing focus on the meme coin. On exchanges such as Huobi and OKX, Shiba Inu’s open interest has surged to around $16 million and $15 million respectively. This surge suggests increased market activity and a growing interest in Shiba Inu futures contracts.
Despite the price hike and rise in open interest, traders remain emotionally turbulent. While there is noticeable optimism in the market, the Long/Short Ratio presents a conflicting view.
Currently standing at 0.94, this ratio suggests that more investors anticipate a potential price decrease for Shiba Inu. This emotional divide adds another layer of uncertainty to the market dynamics surrounding Shiba Inu.
What Do Leverage Trading Statistics and On-Chain Indicators Reveal?
Market analysis, based on leverage trading statistics, offers significant insights into the current state of the cryptocurrency SHIB. The open interest for Shiba Inu futures contracts has reached an astonishing 2.40 trillion SHIB tokens on exchanges like Bitget, CoinEx, BingX, Huobi, OKX, Kraken, and BitMex. Platforms like Bitget have shown a particularly notable increase in open interest, while others like BingX and CoinEx have also recorded significant rises.
On-chain indicators also reflect a positive trend for the meme coin Shiba Inu, despite price fluctuations and market sentiment. A consistent decrease in SHIB tokens on exchanges since October 2023 indicates that long-term investors maintain their confidence in Shiba Inu’s potential. This trend underscores the resilience of Shiba Inu’s investor base, despite market declines in March and April.