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Shiba Inu (SHIB), the dog-themed meme coin, has significantly reset prices in the last 24 hours as sentiment turns bullish. Within this period, SHIB investors have bet massively on Shiba Inu's futures, as signaled by the 4.86% spike in open interest.
Top exchanges dominate Shiba Inu futures activity
CoinGlass data shows that a total of 11.46 trillion SHIB valued at $147.27 million has been committed to SHIB’s futures market. This massive volume suggests investors on the derivatives market are confident in the meme coin and expect a bullish outlook soon.
Notably, more than half of Shiba Inu's open interest came from traders on the Gate.io exchange within this time frame. These traders accounted for 56.9% of the total open interest, as they committed $83.80 million for 6.09 trillion SHIB tokens.
Bitget and OKX were next with 2.07 trillion SHIB worth $25.18 million and 1.03 trillion SHIB valued at $12.55 million, respectively. The duo accounts for 17.09% and 8.52% of the volume, in that order.
As of press time, Shiba Inu is trading at $0.00001214, representing a 1.67% increase in the last 24 hours. Investors’ activities have also gained momentum, with a 6.28% uptick in trading volume at 109.27 million.
Whales move 5.96 trillion SHIB in 48 hours
The recent activities registered in the Shiba Inu ecosystem indicate the reawakening of whales, as large transactions have witnessed a spike. Over the weekend, on-chain transactions surged by 249%, as large holders transacted 3.36 trillion SHIB.
This comes after a massive 2.6 trillion SHIB changed hands about 24 hours previously. Although SHIB’s price remained unaffected then, it has started to shift. The meme coin is beginning to make a recovery as it breached the $0.0000120 resistance level.
With a general call to SHIB holders to support the ecosystem by participating in burn activity on Shibarium, many expect prices to continue to increase. Based on the burn activity, Lucie, the marketing lead of the Shiba Inu team, notified the community of the platform that allows users to participate in the deflationary activity.