SHIB’s hunt for the bulls ends as Shibarium wallets surpass the 3M mark

– Shibarium testnet achieves 3 million wallets and significant transaction volume

– Open Interest and Funding Rates signal a potential price surge for SHIB

Shiba Inu’s Shibarium testnet has been experiencing a steady and remarkable expansion since its debut. The platform managed to achieve yet another impressive milestone, with various metrics indicating a surge in interest toward SHIB.

Read Shiba Inu (SHIB) Price Prediction 2023-24

Shibarium wallets surpass 3 million

A remarkable development has occurred in the Shibarium 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.

Source: puppyscan.io

This momentous achievement came after months of anticipation, with the Shibarium beta version launching on 11 March. Following the release, the team shared extensive documentation outlining how Puppynet operated and shed light on the burn mechanism in detail.

Shiba Inu Open Interest and Funding Rates flash green

According to Coinglass data, the Open Interest of Shiba Inu skyrocketed by over 52% since hitting a low of $18.05 million on March 13. The OI was valued at $26.43 million, equivalent to 2.4 trillion SHIB tokens.

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. 

Source: Coinglass

Furthermore, a look at the funding rates revealed that traders were currently adopting long positions. A look at Coinglass showed that the dominant position across exchanges was long. The position indicated a bullish outlook on the asset’s future price movements.

Source: Coinglass

Shiba Inu on a daily timeframe

On the daily timeframe, SHIB 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 (blue line) but remained below the short Moving Average (yellow line).

Source: TradingView

Furthermore, the Relative Strength Index (RSI) 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.