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Shiba Inu (SHIB) saw a dramatic rise in trade volume over the past 24 hours, climbing by 24.75% to nearly $500 million. Coupled with increased open interest and a key technical rebound, SHIB shows signs of potential bullish momentum.
SHIB Trade Volume Soars to $500 Million in 24 Hours
Over the course of the last twenty-four hours, the trade volume of Shiba Inu has increased by a staggering 24.75 percent, reaching a total of $499.29 million.
The data that was provided by Coinglass indicates that Shiba Inu coin derivatives experienced a significant increase of 26.31% in the past twenty-four hours, which amounted to more than thirty-seven million dollars.
Shiba Inu Derivatives Experience Surge
Additionally, the open interest in SHIB has shown a considerable increase of 14.65%, which is equivalent to $53 million.
Shiba Inu (SHIB) has demonstrated a robust price rebound because it has tested the critical 100 exponential moving average (EMA) support level, U.Today explains.
Technical Rebound Supports SHIB’s Growth Potential
This technical level, which is considered by traders to be an important indicator, was the location where the token found support. Maintaining the 100 exponential moving average (EMA) indicates that the positive feeling of SHIB has not changed despite the recent market losses. It is possible that this rebound will soon drive another upward rise, provided that market circumstances remain stable.
At the time of this publication, the price of SHIB is $0.00001767, which represents a rise of 4.67% over the course of the previous twenty-four hours. Also, its market capitalization has increased by 5.24%, reaching $10.4 billion.
SHIB Price and Market Cap Gain Momentum
In the past, Shiba Inu was on the edge of falling even further, but its resilience helped it to recover and make a subsequent comeback. Since the significant bearish episode that occurred in June, SHIB has demonstrated strength with continuous support from the community.
Most recently, attempts have been made to burn millions of tokens, which has further helped to the price of SHIB remaining stable.
