The crypto market continues to experience volatile swings, with Shiba Inu (SHIB) showing an unexpected recovery path. This surge is reflected in its futures open interest, which has seen a record high of over 14.9 billion SHIB locked over the past 24 hours. This sudden influx, representing a 6.38% decline from the weekend’s peak, has triggered a major test for SHIB, with potential for a rebound in sight.
However, despite this surge, the broader crypto market remains affected by widespread sell-offs. Notably, Ethereum is leading the downtrend. While Shiba Inu continues to be influenced by significant open interest figures, its trading volume has surged over 77% to $196 million, highlighting continued market adoption.
The future of SHIB is further bolstered by recent milestones on Shibarium, the project’s layer-2 network. Over the weekend, Shibarium witnessed remarkable activity, processing an impressive 2 billion transactions. This growth, facilitated by dApps like Woofswap, has contributed to a positive outlook for the ecosystem.
Will Shiba Inu overcome this market downturn? The next few hours will offer crucial insights as open interest data continues to evolve and whether the token’s momentum can be sustained by factors like SHIB whales’ activities and the Shibarium network’s success.