Shiba Inu (SHIB) traders have locked 11.05 trillion SHIB tokens worth $129.39 million as investors bet heavily on the Shiba Inu futures market. According to CoinGlass data, this represents a 7.34% increase in open interest in the last 24 hours.
Bullish Shiba Inu futures momentum
The development suggests that market participants have bullish sentiments about SHIB’s prospects. Notably, the futures derivatives market is confident in the meme coin’s outlook. This marks a shift from the recent downturn, which the dog-themed meme coins and other assets have been experiencing.
CoinGlass data shows that most of Shiba Inu’s open interest capital came from traders on the Gate.io exchange. These traders account for 55.19% of the total open interest, which amounts to $71.74 million in fiat currency, or 6.49 trillion SHIB.
Bitget and OKX traders also show grit, accounting for 15.93% and 10.41%, respectively. This represents 1.88 trillion SHIB and 1.23 trillion, in that order.
The bullish sentiment suggests the price might climb if the current momentum lingers. As of press time, the Shiba Inu price was changing hands at $0.00001102, representing 6.1% in the last 24 hours.
The value of SHIB can hit a higher price level if the ecosystem supports its move. However, trading volume did not match the price rebound move during this period. Shiba Inu volume remains in the red zone by a significant 3.21% at $214.96 million.
Token burn fueling long-term outlook
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To witness more volume, a lot would depend on the ability of SHIB to stay above the $0.000011 price level. As U.Today reported, this level is critical as many investors bought the meme coin at this price. Hence, if it threatens this SHIB support, it could trigger selling pressure on the market.
Meanwhile, the ecosystem has continued to carry out its deflationary burn mechanism. As of the last count, the total SHIB supply has dropped from the initial one quadrillion token supply to 589.25 trillion.
