Renowned dog-themed meme cryptocurrency, Shiba Inu, has mimicked the explosive trend witnessed across the broader crypto market as investor interest reignites. The token has seen its open interest skyrocket by a massive 15.14% in a single day, according to on-chain data from Coinglass.
In just one day, Shiba Inu traders have added a massive 14.03 trillion SHIB tokens to its futures derivatives market, signaling a major shift in investor sentiment as the token restores hope with its explosive price trend.
SHIB open interest hits multi-week high
With the SHIB ecosystem seeing the token maintain an upward trajectory over the past seven days, recording a significant 20.07% price surge during the period, investor confidence in the token’s future performance continues to grow.
Notably, the data reveals a sharp increase in SHIB’s open interest in the last 24 hours, reaching levels not seen since May 29, and marking a notable multi-week high as SHIB regains momentum in the market.
This metric reflects the heavy bets placed by bullish investors on the Shiba Inu futures market in the last day, with current open interest standing at a substantial $204.87 million.
Following the surge in investor participation, Shiba Inu has also responded with a significant price increase over the past day, breaking past its key resistance level of $0.00001269.
In the last 24 hours, SHIB has surged 6.54%, bringing its price to $0.00001343 as of press time, according to data from CoinMarketCap.
With the massive open interest coinciding with a notable surge in SHIB’s price over the last days, it appears that holders are still optimistic for a continued upsurge in its market value, with hopes that the leading memecoin might remove another zero soon.
Gate.io Dominates SHIB futures derivatives market
Per the data showcased by Coinglass, the largest portion of the Shiba Inu’s open interest capital worth about $107.17M was poured in by traders on the Gate.io exchange, as they account for 52.41% of the total open interest.
Bitget and OKX traders followed on the second and third spot, accounting for 15% and 7.6%, respectively.
