🔥 14,910,000,000,000 Shiba Inu in 24 Hours, Biggest Futures Test on Record

The crypto market bloodbath has set Shiba Inu on a very unusual recovery path, as shown in its futures open interest market. The digital currency has seen its price nosedive by 4.73% in 24 hours to $0.00001255, an outlook that has impacted the open interest data. Judging by the current market outlook, a major SHIB test is now unfolding, with a potential rebound in view.

🔸 Shiba Inu open interest outlook

According to data from CoinGlass, Shiba Inu has seen a total of 14,910,000,000 SHIB locked in its futures market over the past 24 hours. It is worth noting that this figure comes with a 24-hour drop of 6.38%, a sign of a reduced slip in SHIB open interest from over the weekend.

Valued at more than $194 million, the SHIB open interest is beginning to see a positive uptick over the past hour. The crypto, and particularly altcoin, market has not completely recovered, with Ethereum leading a sustained sell-off.

If the hourly positive uptick in Shiba Inu open interest is sustained, derivatives traders may serve as the first point of call for a possible rebound.

The token remains in the spotlight with numerous triggers, including the actions of SHIB whales. For now, the token’s trading volume is still up over 77% to $196 million, a sign of a sustained adoption trend on the market.

🔸 Shibarium effect

Despite the uncertainties on the broader crypto market, key aspects of the Shiba Inu ecosystem have continued to grow. Over the weekend, Shibarium, the project’s layer-2 network, clocked 2, with the community celebrating its milestones.

Some of these achievements include over 1.5 billion transactions registered on-chain, with Woofswap and other dApps serving as crucial adoption channels.

Should the broader ecosystem outlook retain its positivity, it may help the SHIB price regain its positive price action eventually.

#SHIB # Shibainu

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