Shiba Inu (SHIB), the renowned meme-inspired cryptocurrency, is witnessing a notable resurgence, with various indicators signaling renewed investor interest in the ecosystem.
Despite a slight decline in price and trading volume, optimism prevails within the Shiba Inu community, hinting at a potential upswing shortly.
Shiba Inu Open Interest Sees Notable Uptrend
A noteworthy indicator of SHIB’s resurgence is the uptick in Open Interest (OI) for perpetual contracts, climbing by 0.44% to $53 million within a day, as per Coinglass data. This rise in OI signals growing investor confidence in SHIB’s potential for future growth, notwithstanding recent market fluctuations.
Further bolstering the positive outlook is the remarkable 490% surge in SHIB token burns reported by the Shibburn X account on April 16, resulting in the removal of 19,345,086 tokens from circulation.
This surge in token burns amid market volatility reflects the community’s efforts to enhance SHIB’s scarcity and stabilize its value.
While a reduction in supply amid steady or increasing demand typically propels prices upward, market dynamics are influenced by a multitude of factors including investor sentiment, market trends, and broader economic conditions.
Currently, SHIB mirrors the broader crypto market downturn, experiencing a 2.56% decline to $0.00002210. This decline coincides with a 5.35% drop in trading volume, amounting to $593 million, according to CoinmarketCap data.
This trend mirrors the overall market sell-off, impacting major cryptocurrencies, including Bitcoin, which has dipped below the $60,000 mark. Similar losses are observed across the majority of cryptocurrencies.
The market is under selling pressure, with diminishing expectations of a Federal Reserve rate cut and rising bond rates posing challenges to the bullish outlook for cryptocurrencies and equities alike.
Nonetheless, the prevailing sentiment among Shiba Inu enthusiasts suggests anticipation for a more substantial price rally in the coming days.
Shibarium Transactions Soar
In a significant development, Shiba Inu’s layer-2 blockchain, Shibarium, has achieved new milestones, approaching one million transactions amidst a significant surge. On April 15, Shibariumscan data showed a remarkable 228.5% increase in transaction volume within a day, totaling an impressive 958.5K transactions. This achievement surpasses previous records.
This news report provides an overview of Shiba Inu’s current status, highlighting signs of recovery and strategic initiatives undertaken by the community to foster growth.
SHIB Price Action
After a steep drop between April 12 and 13, SHIB appears to have caught a breather as the price remains relatively stable within a tight range. This is as volatility ravages most of the crypto market.
That said, we’re not out of the woods yet, especially with the Bitcoin halving set for two days from the time of this report. This event is expected to infuse a lot more volatility into the market, with analysts predicting a “sell-the-news” scenario, indicating that prices could drop even further in the near term. As such, caution is the watchword as SHIB coasts over the $0.0000214 support level.
SHIB Statistics Data
SHIB Current Price: $0.00002210
Market Cap: $13B
SHIB Circulating Supply: 589.2T
SHIB Total Supply: 589.5T
Market Ranking: #11
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