Shiba Inu's Shibarium testnet has been on a steady growth trajectory, with exciting new milestones being achieved. The recent breakthrough of over 3 million wallets and a surge in Open Interest and Funding Rates have sparked anticipation of a possible SHIB price surge, making it a promising opportunity for investors seeking profitable returns.
ecosystem, as the number of wallets on the testnet recently exceeded 3 million. Currently, the L2 testnet boasts over 3.1 million wallets, while the total number of transactions nearly reached the 3 million mark, with a daily transaction volume of 391,542.This momentous achievement came after months of anticipation, with the Shibarium beta version launching on 11 March.
This surge in Open Interest signified a renewed interest in the asset and sparked expectations of a price surge. Exponential growth in Open Interest typically indicated an influx of new money into the market, with traders taking positions in anticipation of future price movements.Furthermore, a look at the funding rates revealed that traders were currently adopting long positions. A look at
showed that the dominant position across exchanges was long. The position indicated a bullish outlook on the asset’s future price movements.displayed encouraging signs of a rebound following a few days of decline. At the time of writing, SHIB was trading at approximately $0.00001, with an observed gain of almost 2%.
Moreover, the asset was trading above its long Moving Average but remained below the short Moving Average .Furthermore, the Relative Strength Index indicated that SHIB’s bullish trajectory. With the surge in Open Interest and positive Funding rates, investors will likely anticipate a future rise in SHIB’s price, making it an attractive opportunity for potential profits.
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