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120 Billion Shiba Inu in 24 Hours, Is Ultimate Rebound Here?

Mon, 1/07/2024 – 15:42

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The crypto market is cautious with its newly found rebound push, one that has returned unique optimism to the Shiba Inu (SHIB) ecosystem. At the time of writing, Shiba Inu’s price is trading at $0.000017, up by 2.33% in 24 hours. Per data from Coinalyze, the Open Interest for the token is also on a bullish ride, jumping by more than 5% overnight.

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Shiba Inu on rebound path

Per the Open Interest data, a total of $20.5 million in perpetual contracts has been recorded overnight, placing enormous pressure on market bears. After a prolonged downturn in the price of the token in June, this perpetual contract with more than 120 billion SHIB involved has set the crucial pace for a likely rebound for the meme coin.

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Many other metrics are helping to boost this bullish sentiment. For instance, the 24-hour trading volume jumped by more than 47% overnight, with a total of $199,055,365 shuffled on centralized exchanges.

Beyond this, the Shiba Inu burn rate has set a different bullish course for the month, soaring as high as 2,750% in 24 hours. Historically, a big rebound is expected for Shiba Inu this month, and the Open Interest from futures traders points to this possibility.

Shiba Inu adoption to accelerate growth

While Shiba Inu has spent the better part of the year building, its token might start enjoying the dividends of this growth starting this month. This is expected after the massive plunge in June.

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One of the biggest validations for Shiba Inu came from Kronos, a U.S. tech giant that has announced it is now supporting SHIB for payments for its products. This is not only a huge possibility for Shiba Inu, but it is also a vital use case for all Shiba Inu holders.

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