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Shiba Inu has gained bullish momentum after the recent Ethereum pump over $3.4k.
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The memecoin fever has slowly returned, led by projects with dog-themed themes.
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An analysis of data from the chain shows that Shiba Inus have attracted more speculative trades in recent years.
Shiba Inu derivatives market (SHIB), with its positive funding rate and a surge in futures open interest to $240m, is sending out major bullish signals. This shows that sophisticated traders have been actively betting on the price of the popular memecoin as a “memecoinmania” seems to be taking over the crypto market.
The native token of this Ethereum-based project gained over 15% in the last seven days and traded at around $0.0000144 on Friday.
A New “Memecoin Mania”?
The speculative trade in memecoins has been fueled by the palpable rise of top-tier altcoins such as Ethereum, Solana and XRP. Floki, Bonk and PENGU are among the memecoins that have gained more than 50% in value since this week’s beginning.
Dogecoin’s (DOGE) recent surge above 21 cents confirms the return of memecoin mania.
Related One single wallet holds 41% of all Shiba Inu – a $5.5 billion “ticking bomb”
Closer Look at Shiba Inu Metrics
Shiba Inu’s pump over the past few days has been supported by solid fundamentals, including on-chain activity. Shiba Inu, for example, has seen its funding rate turn positive since the beginning of July following a year of sustained negativity. A positive funding rate has historically been associated with a bullish outlook.
Shiba Inu Futures Open Interest (OI), which is a measure of interest in futures contracts, has increased over the past two-months to nearly reach the May peak.
Related Shiba Inu’s Big Breakout Can 1.8 Trillion Buys of Whales Spark a $0.0001 Shib Rally?
According to Coinglass’ aggregate market data, Shiba Inu OI has risen from less than $150 million in June of 2025 to approximately $240 million as of this writing.
Shibarium’s scaling solution has also contributed to the growth of Shiba Inus. According to data from defillama’s market, Shibarium’s total value locked grew by 3% over the past 24 hour to hover around $2,000 at the time this article was written.
Shibarium’s network growth is essential for a deflationary operation that is sustainable.
What’s next for SHIB price?
Shiba Inu’s price has broken free from a falling trend in technical analysis that began earlier this summer. After bouncing back from a major resistance level around $0.00001134 in the past few weeks, SHIB is well-positioned to rally toward its all-time high.
The bullish sentiment was also bolstered when the daily MACD crossed above the zero-line amid increasing bullish histograms. SHIB will continue to grow once the daily Relative Strength Index reaches 70.