Activity in the Shiba Inu (SHIB) derivatives market is on the rise, reaching its highest level since May. According to Coinglass data, total open interest increased by 25% in the last few hours, reaching $21 million. This indicates a rise in speculation and trading activity surrounding the memecoin. However, despite this spike in derivatives, SHIB’s spot price is struggling to recover and hold above the key psychological level of $0.000010.
We are facing a mixed context. On one hand, the long/short ratio (0.9) suggests that more traders are betting on a rise, and optimism is fueled by fundamentals like the application for a Shiba Inu ETF and the imminent end of the US government shutdown. On the other hand, Santiment data offers a more cautious view, showing that “whales” (transactions over $100,000) remain on the sidelines and are not actively accumulating, which casts doubt on the sustainability of a rally.
Investors are now watching to see if speculative optimism and technical factors can overcome the whales’ inactivity. Analyst Javon Marks predicts a possible 200% rise toward $0.00003 if SHIB confirms its breakout from the accumulation zone. In parallel, the burn rate soared over 145,000% in 24 hours, eliminating 621 million tokens, a deflationary factor that bulls hope will drive the price upward from its current level of $0.00001005.
Source: https://www.coinglass.com/currencies/SHIB1000/futures
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