Shiba Inu Price Rebounds on Whale Support and Retail Demand
The Shiba Inu (SHIB) price rebounded on Monday from a key support level near $0.00000462, thanks to renewed whale support and steady retail demand.
According to Santiment, top non-exchange addresses held 533.41 trillion SHIB on Sunday, up from 533.10 trillion on Tuesday, indicating early signs of renewed demand from large wallet investors, also known as whales.
The supply on exchanges has dropped to 138.74 trillion SHIB on Monday, from a peak of 138.96 trillion on Friday, which suggests reduced selling pressure.
Rising Open Interest and funding rates in the derivatives market also indicate steady demand among traders for long positions, with SHIB futures Open Interest up over 4% in the last 24 hours to $46.86 million and the funding rate increasing to 0.0100% on Monday.