After a period of subdued market activity, the popular meme coin Shiba Inu (SHIB) is experiencing a significant revival in investor interest, particularly within its futures market. This shift suggests a renewed bullish sentiment among traders, hinting at potential upward momentum for the asset.
Renewed Trader Confidence Fuels SHIB Futures
A notable indicator of this resurgence is the recent surge in Shiba Inu's Open Interest (OI) metric, which tracks the total number of outstanding derivatives contracts. Following several days of weak market conditions, SHIB's OI has seen a decent increase of nearly 4%, signaling that futures traders are actively opening new positions and committing capital. This uptick reflects a growing belief among investors in SHIB's future performance and a palpable return of demand within the derivatives market.
Shiba Inu's Price Stages a Bullish Reversal
This renewed confidence in the futures market is translating into positive price action for Shiba Inu. The asset has begun to recover, moving from "deep red territory" to a bullish trajectory, with a mild price resurgence of 1.77% observed over the last day. While trading volume still shows a decline, the overall sentiment points towards a positive end to January for SHIB, retaining approximately 10% gains over the past 30 days and currently trading at $0.000007880.
