21 million dollars in the SHIB futures market: the level that decides

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Analysis: the futures market for Shiba Inu holds 21.1 million dollars across four exchanges, 0.74 percent of market value. The positions are documented; we set out what they mean for the price.The futures market for Shiba Inu is as thin as that of almost any other well-known token. The record shows this: at midday Thursday, the four exchanges OKX, Bitget, Gate.io and KuCoin held 4.34 trillion SHIB in open futures contracts, worth 21.1 million dollars. That equals 0.74 percent of a market value of 2.87 billion dollars. Our reading follows below: where leverage is absent, any recovery has to come from real buying on the spot market, which is why the levels there currently matter more than any price target. SHIB trades at $0.00000488 at midday Thursday, 2.3 percent below Wednesday. October stands at a loss of 15.0 percent: the month opened at $0.00000574, and the monthly low of October 23 was $0.00000476. Market value stands at 2.87 billion dollars according to CoinGecko, with spot...