As an experienced analyst, I see the recent surge in Shiba Inu’s open interest as a bullish sign for the meme coin’s price trend going forward. The significant increase in open interest across major exchanges like Binance and ByBit indicates that a substantial amount of money is flowing into SHIB derivatives products.
As a researcher studying the cryptocurrency market, I’ve noticed that Shiba Inu (SHIB) has recently experienced a unexpected 15% price surge, generating buzz within the crypto community. However, it’s essential to look beyond just the price rally and consider other factors contributing to SHIB’s growing prominence. One such area is open interest, which has seen a substantial increase. This development could potentially influence the future direction of SHIB’s price.
Shiba Inu Open Interest Sees 85% Surge
As a researcher studying market trends, I’ve noticed an intriguing development regarding the Shiba Inu open interest: it has surged by more than 85% within the past day. This surge coincides with the price recovery trend of this asset. Open interest refers to the total amount of money invested in the derivatives, such as futures or options contracts, for a specific asset at any given time. Consequently, the significant increase in open interest suggests that substantial new investments have been made in Shiba Inu derivatives over the last day.
Based on data from Coinglass, the average increase in Shiba Inu’s open interest over the past day was approximately 85%. This figure was calculated by taking the sum of the 60% rise in open interest on Binance and the 111% surge on Bybit, then dividing by two.
The monetary values underscore the magnitude of this surge and reveal that crypto investors have poured approximately $82 million into Shiba Inu derivatives on Binance within a single day. Currently, the open interest for these contracts amounts to $136.79 million.
On Bybit, the open interest for Shiba Inu derivatives has surged, reaching a total of approximately $135 million within a day. This represents a significant increase of around 117.81%, indicating that roughly $50 million worth of investments flowed into these derivatives.
SHIB Price Still Seeing Upside
As a researcher studying the Shiba Inu market, I’ve noticed an impressive surge in open interest, which is generally considered a bullish sign for the SHIB price. This rise has brought open interest close to its previous record high on March 5, 2024. Based on historical trends, if open interest reaches another all-time high, it could potentially lead to a new annual peak in SHIB price, around $0.00004.
Amidst a significant increase in open interest, SHIB‘s price surged approximately 16% as well. Despite a subsequent decline, data from CoinMarketCap indicates that the meme coin has preserved a 7.77% increase over the past twenty-four hours.
It’s intriguing how Shiba Inu momentarily surpassed Cardano and occupied the 10th position in the ranking of cryptocurrencies by market capitalization. Yet, following a price adjustment, Shiba Inu has retreated to the 11th spot once again.
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2024-05-30 00:04