- SHIB open interest rises 2.03%, hitting 11.36T SHIB amid renewed trading activity.
- Stable price and exchange accumulation suggest possible bullish setup.
- IHS pattern on long-term chart hints at a trend reversal if breakout confirms.
Shiba Inu (SHIB) is showing early signs of renewed investor interest as open interest on the meme coin increased by 2.03%, reaching 11.36 trillion SHIB valued at approximately $158.65 million. The growth, based on CoinGlass data, follows a period of price volatility and aligns with technical chart patterns that indicate a possible trend reversal.
The rise in open interest corresponds with increased derivatives activity across major exchanges. Gate.io currently leads with 54.18% of the total open interest, equivalent to 6.68 trillion SHIB worth $85.97 million. Other exchanges include Bitget with 2.02 trillion SHIB ($26.03 million), OKX at 1.15 trillion SHIB ($14.86 million), and Bitunix with 958.22 million SHIB ($12.34 million).
This distribution shows that traders are actively aiming for potential upside. The increase in open contracts signals rising expectations of short-term or mid-term price movements, with participants capitalizing on recent price drawdowns to accumulate positions.
Price Holds Major Levels Despite Broader Market Signals
At the time of writing, SHIB was trading at $0.00001323, showing a 3.23% increase over 24 hours. The token’s market cap reached $7.75 billion, with a trading volume of $143.69 million over the same period. The volume-to-market cap ratio was recorded at 1.85%, suggesting moderate engagement relative to SHIB’s size.
Intraday trading showed a solid gain from $0.00001276 on June 2 to a peak above $0.0000134 by early June 3, followed by a correction and consolidation between $0.0000130 and $0.0000132. The stable price range may indicate accumulation behavior, despite the backdrop of recent volatility.
An inverse Head and Shoulders Pattern Suggests Bullish Setup
JAVONMARKS, a crypto analyst, affirmed the sentiment by highlighting a long-term chart that illustrates an Inverse Head and Shoulders (IHS) pattern developing between 2021 and 2025. This formation, commonly linked to bullish reversals, features a left shoulder, a deeper low forming the head around mid-2023, and a right shoulder with a similar trough.
Related: SHIB Price Holds Firm as Bulls Eye Breakout Above $0.00001300
The current SHIB price of approximately $0.00001316 aligns with the chart data, supporting the potential for a trend reversal if the pattern is confirmed.
Additionally, a possible breakout above the neckline of this pattern could point to a target near $0.00002847. According to JAVONMARKS, the continuation of this trend could push the price further, though confirmation through sustained volume and market validation remains necessary.
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