Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important
29 Maggio 2024 - 11:00PM
NEWSBTC
Shiba Inu is currently the talk of the crypto market after mounting
a 15% surprise rally. However, beyond the price rally, SHIB is
shining in other places, and one of those is the open interest.
This metric has seen a significant increase, with potential
implications for the SHIB price going forward. Shiba Inu Open
Interest Sees 85% Surge The Shiba Inu open interest in up over 85%
in the past day as the price has gone on a recovery trend. Open
interest tracks the futures or options contract for a particular
asset, given a total of how much money is invested in that asset’s
derivatives at a time. This means that the amount invested in Shiba
Inu derivatives over the last day has seen a significant jump.
Related Reading: Ethereum Spot ETFs: Report Shows Grayscale Could
Keep ETH Price Down With $110M Daily Outflows The 85% figure is
taken from an average of two increases in the Shiba Inu open
interest across the Binance and ByBit exchanges. According to data
from Coinglass, the SHIB open interest in Binance rose more than
60% in the last day. In the same vein, the Shiba Inu open interest
is up more than 111% on the Bybit exchange in the last day. So on
average, the open interest for the meme coin is up a whopping 85%
in 24 hours. Dollar figures also show the significance of this jump
and just how much crypto investors are moving into Shiba Inu. The
current open interest on the Binance exchange is $136.79 million,
which means whatever $82 million flowed into SHIB derivatives
product in one day. On the Bybit exchange, the rise is similar,
currently showing a total of $96.16 million in open interest. At a
rate of 117.81%, it means that around $50 million flowed into SHIB
derivatives on the exchange. Combined, the Shiba Inu open interest
if up around $135 million in one day. SHIB Price Still Seeing
Upside The drastic rise in the Shiba Inu open interest is
undoubtedly a positive development for the SHIB price. This rise
has now sent the open interest toward its previous all-time high of
March 5, 2024. If history is anything to go by, if the open
interest hits a new all-time high, then the meme coin could be
looking at a new yearly peak toward $0.00004. Related Reading: $2.9
Billion In Mt. Gox Bitcoin On The Move For The First Time In 5
Years, Where Is It Headed? Amid the surge in open interest, the
SHIB price also rose around 16% at the same time. The price has
since corrected back downward, but according to data from the token
tracking website CoinMarketCap, the meme coin is maintaining
24-hour gains of 7.77%. Interestingly, the surge saw Shiba Inu
briefly overtake Cardano and claim the 10th spot on the list of
largest cryptocurrencies by market cap. However, with the price
correction, Shiba Inu has fallen back down once more to 11th place.
Featured image created with Dall.E, chart from Tradingview.com
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