Shiba Inu (SHIB) fell by 3.79% in the last 24 hours to $0.00002396 as growth efforts failed. Currently, Shiba Inu performance is improving on some metrics and declining on others.
Shiba Inu’s Open Interest Is Trending Down
As the price declines, Open Interest (OI) also declines. According to data from Coinalyze, Open Interest on Shiba Inu fell 7.2% in the last 24 hours to $35.9 million. Data shows that traders are constantly involved in futures trading by taking one-sided positions in futures contracts.
Open Interest data provides important information about market sentiment of financial assets such as SHIB. Low Open Interest indicates low market liquidity and pricing. This is a negative situation for the token. However, the Shiba Inu’s overall resilience means that his playfulness offsets this effect. It is possible that market fluctuations will help revive Open Interest in the near term.
For now, SHIB investors appear to be confident in the market recovery. This is also reflected by the 13.19% increase in spot trading volume. Because the spot transaction volume increased to 518,107,370 dollars.
Shibarium Nurturing Positive Emotions
Sentiment towards the Shiba Inu ecosystem has largely focused on Shytoshi Kusama and the project’s layer-2 scaling solution, Shibarium. According to previous reports, Shibariumrecorded a 1,733% increase in activity with 780 new accounts established in a single day.
While this is not a new milestone for Shibarium, interest has waned at that time. Thus, making this leap remarkable. In addition to interest from traders, there is a need to increase the use of SHIB across the board. Shibarium is one of the key ways to increase SHIB usage and strengthen deflationary trends that can ultimately fuel price rallies.
