Shiba Inu (SHIB) reserves on various exchanges have skyrocketed from around US$455 million to US$929 million in the last 24 hours, indicating increased market activity and interest in this token. The price of SHIB also rose by 8.94% to US$0.00001162, showing positive investor sentiment.
The increase in reserves on the exchange indicates that more tokens are ready to be traded, which could open up greater profit opportunities. Although SHIB trading volume decreased by 17.28% to US$182 million, its open interest actually rose by 7.12% to US$130 million, indicating a strengthening and stable market.
Traders on major exchanges like Binance and OKX are also increasingly taking long positions, with long to short ratios of 1.09 and 2.25 respectively, strengthening SHIB's positive momentum in the short term.
Overall, this data shows an increase in confidence and activity in the Shiba Inu market, which aligns with predictions of a price increase for the token in the coming weeks.