Shiba Inu Spot Flows Skyrocket 658% Amid Market Recovery
Shiba Inu (SHIB) experienced a dramatic 658% surge in spot flows within 12 hours, reflecting renewed trader activity as the broader cryptocurrency market rebounded. The spike in inflows, totaling approximately $2.52 million, outpaced outflows of $2.25 million, resulting in a netflow increase of about $268,940. This surge indicates heightened interest in SHIB as digital assets regain momentum following a recent market pullback.
In addition to spot market activity, Shiba Inu's derivatives market also saw increased engagement. Open interest in SHIB derivatives rose by 9.39% to nearly $63 million, suggesting traders are expanding their leveraged positions. The price of Shiba Inu rose 2.65% to approximately $0.000005437, reversing a recent decline and signaling renewed buying interest.
Technical indicators show tightening volatility, with weekly Bollinger Bands contracting, suggesting potential consolidation. Traders are monitoring key resistance levels at $0.00000587 and $0.00000653, while support is seen around $0.00000526. Upcoming U.S. inflation data could further influence market sentiment and impact risk assets, including cryptocurrencies.