Shiba Inu, the meme-based cryptocurrency that has been creating waves in the digital market, has recently seen a surprising 15 percent rally, quickly becoming the focal point of the cryptoverse. While many are drawn to its impressive price hike, the more analytical minds are finding intrigue in other aspects. A remarkable area of interest is the cryptocurrency’s open interest, a key financial metric that is currently witnessing a significant upward shift. This uptick could potentially influence the future trajectory for Shiba Inu prices.
Open interest is a tool that monitors the futures or options contracts of a specific asset. Essentially, it puts forth a total sum of invested capital in an asset’s derivatives at any given point. In the case of Shiba Inu, the amount funneled into its derivatives within the last 24 hours has seen a striking hike, bolstering the buzz surrounding this digital currency.
This 85 percent surge in Shiba Inu’s open interest comes from an average of two sizeable hikes across Binance and ByBit exchange platforms. Analysts leveraging data from Coinglass have spotted an over 60 percent rise in Shiba Inu’s open interest on Binance in the past day. Simultaneously, the cryptocurrency experienced an even more robust 111 percent ascent of interest on the ByBit Exchange, leading to an overall 85 percent surge in the cryptocurrency’s open interest within a day.
Significant dollar figures accompany this spike, further depicting the sheer magnitude of the crypto investors’ migration into Shiba Inu’s arena. The current open interest on the Binance exchange stands at a staggering $136.79 million, indicating an inflow of around $82 million into Shiba Inu’s derivative product in just one day. A similar uptrend is seen on the ByBit Exchange, reflecting around $96.16 million in open interest. With an increase rate of 117.81 percent, it means approximately $50 million was pooled into Shiba Inu derivatives on the exchange. Thus collectively, Shiba Inu’s open interest surged by approximately $135 million in one day.
These developments have fascinating implications for the SHIB price. The sharp upswing in Shiba Inu’s open interest is an indisputable boon for the SHIB price. This robust rally is nudging the open interest close to its previous record high witnessed on March 5, 2024. Crypto history whispers that if the open interest attains a new peak, then this meme coin may potentially swing towards reaching a tantalizing new yearly zenith of around $0.00004.
Simultaneous to the rise in open interest, the SHIB price also witnessed an approximate increase of 16 percent. Though this price experienced a slight dip, data from the token tracking website, CoinMarketCap, suggests that this meme coin still holds on to 24-hour gains of 7.77 percent. Notably, at the peak of the surge, Shiba Inu briefly overshadowed Cardano, clinching the 10th position in the list of world’s largest cryptocurrencies by market cap. Despite a minor rollback setting Shiba Inu to the 11th spot, the enthusiasm surrounding this meme coin in the digital currency market remains unscathed.
