Shiba

Shiba Inu

Billion

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">The crypto market is cautious with its newly found rebound push, one that has returned unique optimism to the Shiba Inu (SHIB) ecosystem. At the time of writing, Shiba Inu's price is trading at $0.000017, up by 2.33% in 24 hours.&nbsp;<a href="https://coinalyze.net/shiba-inu/open-interest/" rel="noopener noreferrer nofollow">Per</a> data from Coinalyze, the Open Interest for the token is also on a bullish ride, jumping by more than 5% overnight.</p>
<h2 id="shiba-inu-on-rebound-path">Shiba Inu on rebound path</h2>
<p dir="ltr">Per the Open Interest data, a total of $20.5 million in perpetual contracts has been recorded overnight,&nbsp;<a href="https://u.today/key-drivers-of-coming-shib-power-increase-revealed-by-shib-executive" rel="noopener noreferrer nofollow">placing enormous pressure</a> on market bears. After a prolonged downturn in the price of the token in June, this perpetual contract with more than 120 billion SHIB involved has set the crucial pace for a likely rebound for the meme coin.</p>
<p dir="ltr">Many other metrics are helping to boost this bullish sentiment. For instance, the 24-hour trading volume jumped by more than 47% overnight, with a total of $199,055,365 shuffled on centralized exchanges.</p>
<p dir="ltr">Beyond this, the Shiba Inu&nbsp;<a href="https://u.today/shiba-inu-shib-surged-2750-in-burned-tokens-will-price-follow" rel="noopener noreferrer nofollow">burn rate</a> has set a different bullish course for the month, soaring as high as 2,750% in 24 hours. Historically, a big rebound is expected for Shiba Inu this month, and the Open Interest from futures traders points to this possibility.</p>
<h2 id="shiba-inu-adoption-to-accelerate-growth">Shiba Inu adoption to accelerate growth</h2>
<p dir="ltr">While Shiba Inu has spent the better part of the year building, its token might start enjoying the dividends of this growth starting this month. This is expected after the&nbsp;<a href="https://u.today/shiba-inu-shib-may-break-major-record-this-month-heres-reason" rel="noopener noreferrer nofollow">massive plunge in June</a>.</p>
<p dir="ltr">One of the biggest validations for Shiba Inu came from Kronos, a U.S. tech giant that has announced it is now supporting SHIB for payments for its products. This is not only a huge possibility for Shiba Inu, but it is also a vital use case for all Shiba Inu holders.</p>

120 Billion Shiba Inu in 24 Hours, Is Ultimate Rebound Here?

Table of Contents

U_Today

Other articles published on Jul 1, 2024

ANDE Officials Allegedly Involved in Illegal Bitcoin Mining Farms in Paraguay

Evmos to Adopt $ATOM’s Interchain Security

What Is Going On With The TRUMP Meme Coin?

Crypto Market Regulation Criticised as ‘Anarcho-Tyranny’ by Ethereum’s Vitalik Buterin

SEC Sues ConsenSys Over Ethereum’s MetaMask for Unregistered Broker Activities

Cardano Rises More Than 3% In 24 hours

Join our free newsletter for daily crypto updates!