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Shiba Inu (SHIB) is in a major recovery mode as several indicators have turned green, indicating the return of investor interest in the ecosystem. At the time of writing, data from CoinMarketCap stakes Shiba Inu price at $0.00002245, up 2.81% in the last 24 hours. Buying interest, as evidenced by the 5.35% drop in trading volume to $853,696,955, remains low, but niche optimism has proven that a higher rise may be on the way.
One of the key indicators of a resurrected Shiba Inu is the rise in open interest (OI) over the past 24 hours. Data from Coinalyze watch OI for perpetual contracts at $31.9 million, up 2.61% over the period.
This open interest is vital to the future health and performance of SHIB. This shows that beyond the usual yield optimism, riskier investors are starting to harbor hopes for higher growth of the coin. Shiba Inu itself has suffered intense periods of liquidation amid broader market-driven volatility.
The same market that has been its main stumbling block could now also serve as a key driver, as the recovery appears global.
Shiba Inu: Burn Rate and Shibarium Factor
For Shiba Inu, its other key network indicators cannot be excluded in its drive for a major recovery. Burn Rate and the Shibarium Network play a crucial role in reigniting retail investor interest in the token.
So far this week, SHIB's burn rate has remained largely positive and is currently up 25.92%, with over 24 million tokens removed from circulation. The number of Shibarium transactions, on the other hand, saw a massive drop from the daily millions often recorded in Q4 2023.
Nonetheless, it remains a key metric that determines network health and overall long-term SHIB usage and demand.