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Shiba Inu (SHIB) Prints First Gains in Days, but There’s Catch
In a turn of events, the Shiba Inu ecosystem has printed its first gains in days, which is likely to bring some relief to the token’s holders. However, this modest uptick must be monitored closely as market analysts are keeping a close watch on other key metrics, including trading volume and open interest in the futures market.
According to data from CoinMarketCap, trading volume has taken a hit, plummeting by 15.59% to $313,581,884. This lack of significant buying pressure suggests that the current gain may not be sustainable unless there is a corresponding increase in trading activity.
On a more positive note, the open interest in SHIB futures remains high, with over 9.4 trillion committed. This level of commitment from traders indicates that long-term prospects for the token are still strong and could potentially fuel a sustained rally.
Despite the recent gains, the broader crypto industry continues to show signs of bearish consolidation, as most assets experienced a downturn in the past week. However, the Shiba Inu ecosystem remains optimistic about its future growth, driven by rumors of an imminent big announcement from lead developer Shytoshi Kusama.
Top analysts are now predicting that SHIB is on track to rapidly reclaim the $0.00002 price mark, but only if trading volume and open interest data continue to improve alongside a shift in market sentiment.
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Source: https://u.today/shiba-inu-shib-prints-first-gains-in-days-but-theres-catch
