The Shiba Inu derivatives market is again heating up, providing a bullish outlook for . This comes as the crypto market rebounds, with SHIB also recording notable gains in the past few days. 

Shiba Inu Derivatives Market Heats Up With Rising Open Interest

shows that the Shiba Inu derivatives market is heating up, with open interest rising as much as 15% on November 8. This indicates that traders are again betting on a significant price movement from the foremost meme coin. Notably, SHIB broke above the psychological $0.000010 level amid this .

Further data from CoinGlass shows the long/short ratio is 0.9, indicating that more traders are betting on a Shiba Inu price surge than a decline. Meanwhile, this development comes as the from last week’s crash, which saw BTC drop below $100,000, dragging SHIB and other altcoins down. SHIB is up over 8% since last week. 

Fundamentals, such as the application for a Shiba Inu ETF, have sparked this rebound in SHIB’s price. This is expected to drive institutional capital into the SHIB ecosystem, potentially triggering price rallies. Furthermore, the could end soon, which is also bullish for the SHIB price alongside the broader crypto market. 

From a technical analysis perspective, crypto analyst that Shiba Inu is slowly accumulating and forming a bullish pattern. He added that once it breaks out of this low range, it will go higher. However, shows that are still on the sidelines and are not accumulating more coins. The whales’ transactions (transactions above $100,000) have been on a downtrend, with most daily transactions over the last two weeks in the single digits.

SHIB Eyes Rally To $0.0003

Crypto analyst that the Shiba Inu price could rally to $0.00003. This came as he noted that SHIB looks to be already broken out of a key accumulation. He added that with prices having shown earlier this year, the meme coin may be preparing for a surge of around 200%, which will lead to a retest of the resistance in the $0.000032 range. 

A positive for SHIB is the parabolic increase in the Shiba Inu burn rate. shows that the burn rate has increased by 145952.08% in the last 24 hours, with 621 million tokens burned during this period. This is a positive, given how these remove more coins from the circulating supply and could trigger a price increase as demand skyrockets. 

At the time of writing, the Shiba Inu price is trading at around $0.00001005, up in the last 24 hours, according to from CoinMarketCap.