Shiba Inu Price Closely Mirrors Dogecoin in Macro Bullish Breakout

• Shiba Inu price has gained bullish momentum following the recent Ethereum pump above $3.4k.
• The memecoin mania has gradually returned, led by dog-themed projects.
• On-chain data analysis shows Shiba Inu has attracted more speculative traders in the recent past.

The Shiba Inu (SHIB) derivatives market is flashing major bullish signals, with its funding rate turning positive and its futures open interest surging to $240 million. This shows that sophisticated traders are now actively betting on a price increase for the popular memecoin, as a new “memecoin mania” appears to be taking hold of the crypto market.

The native token of the Ethereum-based project has gained over 15% in the past seven days, trading at about $0.0000144 on Thursday.

A New “Memecoin Mania”?

The palpable upsurge in top-tier altcoins led by Ethereum, Solana, and XRP has significantly increased the greed for speculative trading in the memecoin industry. Moreover, several memecoins led by Floki, Bonk, and PENGU have rallied more than 50% since the beginning of this week.

The return of the memecoin mania has also been confirmed by the Dogecoin (DOGE) pump above 21 cents in the past 24 ho…

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