Shiba Inu Open Interest Surges 25% to $18 Million Amid Price Rally
Shiba Inu (SHIB), the Doge Killer, has experienced a significant price increase recently, reversing its previous losses. Additionally, the meme cryptocurrency has seen a notable surge in its derivatives investments, with its open interest spiking by over 25% in the past 24 hours.
Shiba Inu OI Data
According to data from Coinglass, a crypto derivatives analytics platform, the open interest for SHIB has soared by 25.23% to reach $18.22 million at press time on Saturday, January 20. Furthermore, the total derivatives volume for SHIB has surged by 36.34% to a whopping $56.83 million.
No major liquidations were reported during this time period. In the past 24 hours, only $245,410 worth of long and short positions were liquidated, with $62,320 worth of positions being liquidated in the last four hours.
The open interest data reveals that the OKX crypto exchange holds the highest share in SHIB open interest, accounting for $7.29 million. This suggests a platform-wise increase of 10.60% today. Huobi Global leads the surge in SHIB open interest with an 83.12% spike and now accounts for $5.16 million worth of share, while Bitget boasts a $3.19 million in Shiba Inu OI, registering a 10.56% hike.
SHIB Price Today
After experiencing several weeks of losses, SHIB has finally started to see some gains recently. The price of Shiba Inu increased by 1.79% to $0.000009408 at the time of writing on Saturday. The SHIB market cap also saw an increase of 1.72% to reach $5.54 billion.
The 24-hour trade volume for the meme coin has registered a 9.74% increase, reaching $157.39 million. Throughout the day, Shiba Inu reached a high of $0.000009502 before experiencing several bearish sessions and losing a zero from its value after reaching a monthly peak of $0.00001125.
Despite this, the SHIB community remains committed to token burns. Although the burn rate has decreased in the past 24 hours, a significant amount of SHIB tokens were burned recently. According to Shibburn, 3.06 million SHIB tokens were burned, even though the burn rate dropped by 69.53%.
Hot Take: Shiba Inu Open Interest Surges Amid Price Rally
Shiba Inu’s recent price rally has brought about a surge in open interest for the meme cryptocurrency. With its derivatives investments seeing significant growth, Shiba Inu has attracted attention from traders and investors alike.
The increase in open interest indicates growing market activity and suggests that more traders are becoming interested in SHIB as its price rises. This surge is particularly notable as it comes after a period of extended losses for Shiba Inu.
As SHIB continues to gain momentum and attract attention, it will be interesting to see how its open interest and price develop in the coming days and weeks.
By
By
By
By
By