Shiba Inu (SHIB) price has consolidated above the $0.000025 support level on April 26, after the team’s $12 million fundraise had triggered a $0.000029 retest at the start of the week.
SHIB Price Jumps 41% in a Week’s Timeframe
Shiba Inu’s price surged 53% between April 19 and April 22, hitting a weekly high of $0.000029. This rally came after the team announced a successful $12 million fundraising effort, giving the world’s largest memecoin project a boost.
![](https://sollcrypto.com/wp-content/uploads/2024/04/Screen-Shot-2024-04-26-at-7.31.41-PM.png)
SHIB has since pulled back by 10%, reaching the support level around $0.000025, reducing its weekly gains to 41% as of April 26. However, intriguing trends in the derivatives markets indicate that bullish investors are still eyeing further gains.
Speculative traders have initiated new SHIB futures contracts valued at $23 million.
Despite Shiba Inu’s recent 10% price correction over the last three days, the broader memecoin market has been on a strong upward trend this week. For example, BONK and DOGE have experienced double-digit gains during this time.
To anticipate SHIB’s next recovery phase, speculative traders have been rapidly setting up new futures contracts, outpacing the overall price movement.
Coinglass’ Open Interest metric provides insights into the total value of active futures contracts for specific cryptocurrencies.
![](https://sollcrypto.com/wp-content/uploads/2024/04/Screen-Shot-2024-04-26-at-7.33.04-PM.png)
At the beginning of the week, SHIB’s open interest was $51.75 million. As of April 26, it has surged by $23 million since April 19, reaching $75.1 million.
This marks a 45% increase in Shiba Inu’s open interest within a week, outpacing the 41% rise in SHIB’s price.
When open interest grows faster than the price, it indicates a strong bullish sentiment among speculative traders.
First, an increase in open interest suggests a growing number of market participants and heightened interest in the asset, reflecting confidence in its future price potential. This influx of new positions can boost liquidity and trading activity, fueling further upward price momentum.
Second, when open interest grows faster than price, it can signal that traders are accumulating long positions or employing hedging strategies in anticipation of future price gains.
Thus, this $23 million increase in SHIB open interest could be a precursor to another upward move towards the $0.000030 price level in the near term.
SHIB Price Pulls Back After a 54% Surge
Shiba Inu’s price soared 54% from April 19 to April 22, reaching a weekly peak of $0.000029. This rally followed the team’s announcement of a $12 million fundraising, giving a strong start to the world’s largest memecoin project.
![](https://sollcrypto.com/wp-content/uploads/2024/04/Screen-Shot-2024-04-26-at-7.34.25-PM.png)
As of April 26, SHIB has pulled back 10% to the support level near $0.000025. However, recent trends in the derivatives markets hint that bullish traders are still seeking further gains.
Speculative traders have established new SHIB futures contracts totaling $23 million in value.
Despite Shiba Inu’s 10% price drop over the past three days, the broader memecoin market has seen significant gains this week. For example, PEPE and DOGE have both experienced double-digit growth during this period.
Speculative traders, anticipating SHIB’s next recovery phase, have been opening new futures contracts at a rate that exceeds the current price trend.
Coinglass’ Open Interest metric helps track the total value of active futures contracts for specific cryptocurrencies, offering insights into market sentiment and activity.
![](https://sollcrypto.com/wp-content/uploads/2024/04/Screen-Shot-2024-04-26-at-7.35.56-PM.png)
At the beginning of the week, SHIB open interest was $51.75 million. As of April 26, the latest data shows that SHIB open interest has increased by $23 million since April 19, reaching $75.1 million.
This 45% surge in Shiba Inu open interest within a week outpaces the current 40% growth in SHIB’s price.
When open interest grows faster than price, it suggests a strong bullish sentiment among speculative traders.
An increase in open interest often indicates that more participants are entering the market, reflecting confidence in the asset’s potential for future price growth. This influx of new positions can boost liquidity and trading activity, which in turn supports upward price momentum.
Moreover, when open interest expands at a faster rate than the price, it may imply that traders are taking long positions or hedging, anticipating further price increases.
Therefore, this $23 million rise in SHIB open interest could signal the potential for another push towards the $0.000030 price milestone in the near term.