- Shiba Inu price has gained bullish momentum following the recent Ethereum pump above $3.4k.
- The memecoin mania has gradually returned, led by dog-themed projects.
- On-chain data analysis shows Shiba Inu has attracted more speculative traders in the recent past.
The Shiba Inu (SHIB) derivatives market is flashing major bullish signals, with its funding rate turning positive and its futures open interest surging to $240 million. This shows that sophisticated traders are now actively betting on a price increase for the popular memecoin, as a new “memecoin mania” appears to be taking hold of the crypto market.
The native token of the Ethereum-based project has gained over 15% in the past seven days, trading at about $0.0000144 on Thursday.
A New “Memecoin Mania”?
The palpable upsurge in top-tier altcoins led by Ethereum, Solana, and XRP has significantly increased the greed for speculative trading in the memecoin industry. Moreover, several memecoins led by Floki, Bonk, and PENGU have rallied more than 50% since the beginning of this week.
The return of the memecoin mania has also been confirmed by the Dogecoin (DOGE) pump above 21 cents in the past 24 hours.
Related: One Single Wallet Holds 41% of All Shiba Inu, a $5.5 Billion “Ticking Bomb”
Closer Look at Shiba Inu Metrics
The Shiba Inu pump in the past few days is supported by robust fundamentals including on-chain activity. For instance, Shiba Inu’s funding rate has turned positive for the better part of July after sustained negativity year-to-date. Historically, a consistent positive funding rate is associated with bullish sentiment and vice versa.
The Shiba Inu’s Futures Open Interest (OI) has increased gradually in the past two months to almost revisit the May peaks.
Related: Shiba Inu’s Big Breakout: Can 1.8 Trillion Whale Buys Spark Off a $0.0001 SHIB Rally?
According to aggregate market data from Coinglass, Shiba Inu’s OI has surged from below $150 million in June 2025 to around $240 million at the time of this writing.
The Shiba Inu growth is also bolstered by the development and adoption of the Shibarium scaling solution. According to market data from defillama, Shibarium’s total value locked has surged by 3% in the past 24 hours to hover around $2 million at the time of this writing.
The Shibarium network growth is key to a sustainable SHIB token burn, which is crucial to deflationary operations.
What’s Next for SHIB Price?
From a technical analysis standpoint, Shiba Inu price has broken out of a falling logarithmic trend that began earlier this year. After rebounding from a major support level around $0.00001134, SHIB price is well positioned to rally towards its all-time high in the near future.
The bullish sentiment is also bolstered by the daily MACD line which recently crossed above the zero line amid growing bullish histograms. Meanwhile, SHIB price will record further growth once the daily Relative Strength Index (RSI) surged above the 70 level.
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