According to U.Today, Shiba Inu (SHIB) is showing signs of recovery as several key metrics indicate a resurgence of investor interest. The price of Shiba Inu is currently at $0.00002245, marking a 2.81% increase in the past 24 hours. Despite a 5.35% drop in trading volume to $853,696,955, there is a growing optimism that a larger surge may be on the horizon.
One of the primary indicators of Shiba Inu's revival is the increase in Open Interest (OI) in the past 24 hours. Data from Coinalyze reveals that the OI for Perpetual Contracts stands at $31.9 million, a 2.61% rise within the same period. This OI is crucial for SHIB's health and future performance, indicating that more risk-on trading investors are starting to anticipate higher growth in the coin.
Shiba Inu has been experiencing severe liquidation bouts amid wider market volatility. However, the same market that once posed a significant obstacle may now serve as a key boost, as recovery seems to be on the horizon.
Other key network metrics for Shiba Inu, such as the burn rate and the Shibarium network, also play a vital role in reigniting retail investors' interest in the token. The SHIB burn rate has remained largely positive this week, currently up by 25.92%, with over 24 million tokens removed from circulation. The Shibarium transaction count, however, has seen a significant drop from the daily millions typically recorded in the fourth quarter of 2023. Despite this, it remains a crucial metric that determines the network's health and the overall usage and demand for SHIB in the long term.