The Shiba Inu coin, a meme coin inspired by dogs, has seen a significant reset in its prices over the past 24 hours as sentiment turns bullish. During this period, Shiba Inu investors heavily bet on Shiba Inu futures contracts, as evidenced by a 4.86% increase in open trading volume.
The major exchanges dominate the activity of Shiba Inu futures contracts
CoinGlass data shows that a total of 11.46 trillion Shiba, valued at $147.27 million, has been allocated to the Shiba Inu futures market. This massive volume indicates investor confidence in the derivatives market for Shiba Inu and their expectation for bullish forecasts soon.
It is noteworthy that over half of the open trading volume for Shiba Inu came from traders during this period. These traders accounted for 56.9% of the total open trading volume, allocating $83.80 million for 6.09 trillion Shiba tokens.
Some came in second and third place respectively, with a trading volume of 2.07 trillion valued at $25.18 million, and 1.03 trillion SHIB valued at $12.55 million. These two trades represent 17.09% and 8.52% of the trading volume, respectively.
As of the time of publication, Shiba Inu is trading at $0.00001214, up 1.67% over the past 24 hours. Investor activity has also gained momentum, with trading volume increasing by 6.28% to reach $109.27 million.
Shiba Inu whales traded 5.96 trillion Shiba over 48 hours
Recent activities recorded in the Shiba Inu ecosystem indicate a revival of whales, as large transactions saw a sharp increase. Over the weekend, on-chain transactions rose by 249%, as major Shiba Inu holders traded 3.36 trillion Shiba.
This follows the trading of huge amounts of Shiba Inu amounting to 2.6 trillion Shiba about 24 hours ago. Although the price of Shiba was not affected at that time, it began to change. The meme coin started to recover after breaking the resistance level of $0.0000120.
With a public call for Shiba Inu holders to support the ecosystem by participating in the burning activity on Shibarium, many expect prices to continue rising. Based on the burning activity, Lucy, the marketing officer for the Shiba Inu team, informed the community of the platform that allows users to participate in the deflationary activity.
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