Shiba Inu is finally showing a brief sign of a potential recovery as its derivatives market sees renewed interest from investors, triggering a significant rise in its open interest.
This positive futures activity has caught the attention of market observers as it comes as market volatility persists. Futures traders bet more than 8.6 trillion $SHIB during the last 24 hours according to data. data of Coinglass.
$SHIB RO suddenly becomes positive
The data reveals that Shiba Inu’s open interest increased significantly by 9.38% over the 24 hours, as futures traders appear to be showing renewed interest in the leading meme token.
Following this surge, the number of $SHIB tokens locked in active futures reached 8.63 trillion $SHIB from Saturday May 6.
The sharp increase in $SHIB Open interest suggests that traders are returning to the market and opening new positions even as extreme volatility persists in the crypto market.
Rising futures indicators sparked optimism among Shiba Inu investors as it gave off bullish signals suggesting growing participation in the asset’s derivatives market.
$SHIB price always in red
While Shiba Inu finally issued a bullish signal in its open interest measure, its trading price is still struggling to recover, suggesting that many of its spot traders are still cautious.
Over the past 24 hours, Shiba Inu price is down 1.07% as its price continues to fall, extending its weekly losses to 17.87%.
As the rise in open interest in the Shiba Inu coincides with a steady decline in its trading price, it appears traders are positioning aggressively as they anticipate a major price move.