Zinger Key Points
- Open interest in SHIB futures contracts spiked 33%, suggesting increased liquidity and potential for higher volatility.
- Technical analysis points to potential breakout from descending channel pattern, with projections of possible twofold jump.
- Feel unsure about the market’s next move? Copy trade alerts from Matt Maley—a Wall Street veteran who consistently finds profits in volatile markets. Claim your 7-day free trial now.
Popular dog-themed cryptocurrency Shiba Inu SHIB/USD is trading at one-month highs on Wednesday morning amid a broader jump in risk-on sentiment for meme coins.
What Happened: SHIB soared over 14% in the last 24 hours to a market capitalization of over $9 billion.
The coin sailed to an intraday high of $0.00001561, a level last seen on Feb. 23, before reversing slightly due to profit-taking.
SHIB’s trading volume jumped 108% to $453 million, making it one of the most traded cryptocurrencies in the last 24 hours.
Whale interest in the coin soared, with large transactions valued at over $100,000 surging by 72% over the previous day, according to IntoTheBlock.
Moreover, the total balance held by long-term holders rose 0.02% over the last 24 hours, suggesting that accumulation was going on.
Speculation also increased in the derivatives market. The open interest in SHIB futures contracts spiked 33% to levels last seen more than a month ago, as per Coinglass.
This meant more liquidity in the market and a potential for higher volatility in the days ahead.
Why It Matters: World Of Charts, a widely followed X account dedicated to cryptocurrency analysis, noted SHIB’s attempts to break out of the descending channel pattern, projecting a twofold jump if it succeeded.
A descending channel is formed by two downward-sloping trendlines, indicating a bearish trend. However, a potential breakout from the upper trendline could signal a reversal.
See Also: Jim Cramer Applauds GameStop For Acting On His ‘Bitcoin Ploy,’ CEO Ryan Cohen Can’t Help But React
The overall meme coin market capitalization soared 10% to $59.11 billion in the last 24 hours, with other marquee coins such as Dogecoin DOGE/USD and Pepe PEPE/USD also netting returns of 10% and 15.20%, respectively, in the last 24 hours.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001540, up 14.30% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has tanked 27%.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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