8.32 Trillion in 24 Hours, Shiba Inu Open Interest Skyrockets

by

The meme-based cryptocurrency, Shiba Inu (SHIB), is experiencing a resurgence as the Open Interest has surged more than 36% in just 24 hours. This revival comes as SHIB also managed to exceed the $0.0000211 price point during this time period.

SHIB’s surge in Open Interest across exchanges

According to data from CoinGlass, approximately 8.34 trillion SHIB coins worth around $181.45 million were added as collateral in derivative contracts over a 24-hour period. This suggests that there’s growing investor attention towards the meme coin, given its recent price fluctuations.

On Gate.io, the trading platform held the largest Open Interest amounts related to SHIB, accounting for approximately 58.98%. This equates to a handling of around 4.93 trillion SHIB, which translates to an Open Interest value of about $107.02 million.

Bitget and OKX came in second and third place with Open Interest values of approximately $1.7 trillion and $1.06 trillion respectively. Notably, Bitget’s Open Interest value, which is about $36.94 million or 20.35%, is significantly larger than OKX’s by around 65 billion SHIB. OKX’s Open Interest value was approximately $23.03 million, representing 12.69% of the total.

The decrease in SHIB’s price might have prompted traders to open larger positions in futures contracts on various platforms, as SHIB has found it challenging to break through significant resistance points in the last week, due to a general market downturn.

Price movement and trading dynamics

Over the past 24 hours, the value of the asset has risen significantly. It started at $0.00002055 and peaked at $0.00002198. Currently, as we speak, it’s being traded at $0.00002169 on CoinMarketCap, which is a 2.85% growth.

The significant increase in token burn activity within the ecosystem could be the cause of the recent price jump for Shiba Inu (SHIB). On January 8th alone, SHIB’s deflationary metric skyrocketed by an incredible 4,100%, removing a massive 21,709,094 tokens from circulation. This reduction in supply might have played a role in the price increase.

As an analyst, I’m inclined to think that the SHIB token, teetering on the edge of oversold territory, may have hit its lowest point and is now experiencing a rebound. The revival in price movement is something both investors and traders will be eagerly watching for in this dog-themed meme coin.

Read More

2025-01-10 16:35