Shiba Inu Open Interest Surge: What It Means for Investors
Shiba Inu has experienced a significant increase in open interest, showing a renewed interest from investors. While it has not yet surpassed its all-time high from March 2024, the current bullish trend indicates a potential attempt in the near future.
Shiba Inu Open Interest Reaches February Levels
The total open interest for Shiba Inu has risen above $97 million on various exchanges, marking one of the highest levels seen this year. Data from Coinglass reveals that as of June 6, 2024, the SHIB open interest stands at $97.08 million.
- Struggles and Recovery:
- Following its peak in March at nearly $136 million, the open interest for Shiba Inu faced a significant decline, dropping over 50% by mid-April.
- However, May saw a resurgence in SHIB open interest, with June boasting a substantial surge, almost doubling from the lows in March.
Significance of Rising Open Interest
The increase in Shiba Inu open interest is not only a measure of investor enthusiasm but also has implications for the cryptocurrency’s price movements. Historically, spikes in open interest have coincided with price rallies for SHIB.
- Positive Price Implications:
- Should open interest return to its all-time high of $136 million, a similar price surge could see Shiba Inu touch $0.00004 once more and achieve a new yearly high.
- In March, when open interest surged, the SHIB price more than doubled, showcasing the strong correlation between the two metrics.
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