Shiba Inu Price Consolidates as SHIB Open Interest Rallies 8%

The cryptocurrency market has been consolidating for the past few days. Despite this development, traders, especially meme coin holders, remain optimistic about the future. In particular, Shiba Inu (SHIB) holders are betting on a price breakout in the medium term.

Shiba Inu Open Interest and Renewed Confidence Coinglass data shows that SHIB open interest has registered a gain of 8.9% in the last 24 hours as its price continues to recover. Holders hold a total of SHIB 9.18 trillion in outstanding derivative contracts, valued at around $117.82 million. This comes as SHIB has continued its upward but slow climb from the distressed zones over the last seven days. Related Wed, 03/05/2025 - 15:49 9.2 trillion Shiba Inu in 24 hours, SHIB open interest surges Godfrey Benjamin The rise in SHIB open interest signals renewed confidence among holders that the rally of the past seven days can continue. 

They are therefore betting that the meme coin will maintain its current momentum and reach new levels. At the time of writing, the SHIB price is trading at $0.00001280, which represents a 1.23% increase in the past 24 hours. The rise in SHIB’s value is significant in the crypto market, as the meme coin has been under bearish pressure recently. Notably, SHIB broke the $0.000010 support level and raised concerns about its future prospects.

 However, the token recovered quickly as seen from the current price action. Will SHIB be able to cross the 63% mark? Gate.io garnered nearly three-quarters of the open interest figures, as traders on the exchange invested 6.76 trillion SHIB, or 73.47% of the total, valued at $86.56 million. Other notable exchanges that saw increased interest were OKX (1.03 trillion SHIB) and Bitget (874.55 billion SHIB). Related Thursday, 03/06/2025 - 15:46 Can a 3% bounce pull a Shiba Inu out of death cross territory? Godfrey Benjamin Meanwhile, analysts predict that Shiba Inu could experience a 63% breakout based on Bollinger Band signals. 

Specifically, this indicates that SHIB is either oversold or a price reversal is about to occur. Market watchers say that SHIB’s results over the next few days will determine whether its recovery will be delayed or not. They believe that stabilizing the price through the burning mechanism could help it rise.