Shiba Inu Coin Gains Interest, Potentially Poised for Price Rally

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The meme coin, Shiba Inu, is currently experiencing a substantial increase in its open interest, sparking renewed excitement among investors. While the coin hasn’t shattered its all-time high from March 2024, it is exhibiting a bullish pattern that suggests another attempt may be on the horizon.

Shiba Inu’s total open interest has ascended back over the $97 million mark – a remarkable achievement considering it had sank significantly in the preceding months. The healthy open interest level is being witnessed across multiple exchanges, rendering it one of the highest so far this year. Fresh data from Coinglass reveals that as of June 6, 2024, Shiba Inu’s open interest sits approximately at $97.08 million.

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This spike is particularly noteworthy due to a rollercoaster ride over the past few months. Having reached an all-time high of close to $136 million in March 2024, Shiba Inu’s open interest faced a sharp decline, with over half its value evaporating by the middle of April.

Nevertheless, a revival was noted in May, and as June emerges, the open interest has experienced a robust surge from the downturn endured in March. Shiba Inu’s open interest is currently exhibiting an almost 100% upswing, demonstrating a rekindled interest among investors.

Currently hovering just over 97%, Shiba Inu’s open interest is approximately 60% shy of recording a new all-time high. These developing patterns could be a harbinger of the Shiba Inu price charting a new high watermark.

The fact that Shiba Inu’s open interest is increasing holds significance not only as an indicator of investor interest but it also has implications for its price. As evidence suggests, in March when the open interest forged a new peak, the price conspicuously followed suit. Therefore, the current uptick in open interest could sow seeds for a potential price rally.

Now, if the open interest is to revert back to its $136 million zenith, and if previous behavior is anything to go by, it could thrust the Shiba Inu price to reach $0.00004 again, thereby hitting a fresh yearly high. This correlation between a surge in open interest and the subsequent price twofold increase was relatable in March.

However, the past 24 hours have signaled a minor delay with the open interest facing an overall 0.42% dip. At the moment, the Shiba Inu price is trending at $0.0000256, marking a 4.41% decline over the past week. It remains to be seen whether this is a mere blip on Shiba Inu’s resilient journey or a signifier of another tumultuous period.