Key Highlights:

• Shiba Inu’s recovery is seeing increased interest from investors alongside notable sales from whale holders.
• The price of SHIB has risen above the 23.6% Fibonacci retracement level, marking a weekly gain exceeding 5%.
• Open interest in SHIB futures has grown significantly, suggesting rising investor interest despite concerns regarding major token holders.

Price Trends

Shiba Inu (SHIB) is witnessing heightened selling activity by its large holders, also known as whales, as the cryptocurrency’s value shows signs of recovery. Currently, it is trading above the critical Fibonacci retracement level while experiencing a modest gain of more than 1% over the past day, based on market data from CoinDesk.

SHIB Price

Positive Market Indicators

Recent analytics reveal that Shiba Inu has achieved growth exceeding 5% in just one week, backed by bullish signals from indicators like the 14-day relative strength index, which indicates positive momentum. In addition, trading volumes during this recovery phase have surpassed the average daily volume.

Futures Market Insights

Open interest in perpetual futures on Binance surpassed 7 million SHIB for the first time since late May, reflecting increased speculation regarding SHIB’s price trajectory. However, this positive outlook could face scrutiny from whales and insiders who control substantial portions of the token supply.

Conclusion

In summary, the SHIB market is currently facing a surge in both open interest and price recovery, implying an intriguing atmosphere for investors despite potential hurdles related to large token quantities held by a select few.