As a crypto investor with experience in following Shiba Inu, I’m excited to see the recent surge in open interest for this meme coin. The figure of $97.08 million as of June 6, 2024, is a promising sign, bringing it back to one of the highest levels we’ve seen this year.
The open interest of Shiba Inu has experienced a significant increase lately, bringing newfound enthusiasm among investors. Although the meme coin’s open interest hasn’t reached its all-time high from March 2024 yet, this upward trend may lead to another attempt at reaching that peak soon.
Shiba Inu Open Interest At February Levels
As a researcher studying the cryptocurrency market, I’ve noticed that the total Shiba Inu open interest has surged back above $97 million across various exchanges. This current level represents one of the highest points for this year, based on data from Coinglass. Specifically, as of June 6, 2024, the Shiba Inu open interest stands at $97.08 million.
As a crypto investor, I’ve noticed that the open interest for Shiba Inu has been underperforming lately. It peaked at an astounding $136 million back in March 2024, but since then, it has experienced a significant decline. By mid-April, over half of its value had vanished.
Despite a dip in SHIB open interest during March, there was a significant rebound starting in May. As we move into June, this trend has gained momentum, resulting in a nearly 100% increase in open interest compared to the March lows. This substantial rise indicates heightened investor attention towards Shiba Inu.
With over 97% currently held in open positions, Shiba Inu’s open interest lies approximately 60% below its record high. This development could significantly influence the potential for the SHIB price to reach a fresh all-time high.
Why A Rise In Open Interest Is Important
The surge in Shiba Inu’s open interest holds importance for more than just gauging investor enthusiasm; it also influences the SHIB market price. Referencing March data when open interest reached an unprecedented peak, the price experienced a corresponding surge. Consequently, the present growth might lead to another price rally.
As a crypto investor, I’ve noticed that the open interest for Shiba Inu had reached an all-time high (ATH) of $136 million back in March. And if we look at past trends, this level of open interest has historically been associated with a significant price increase for SHIB. Specifically, the token saw its price touch $0.00004 once more and hit a new yearly high. Therefore, should the open interest return to these levels, it’s reasonable to expect that Shiba Inu’s price could experience similar growth again.
As a crypto investor, I’ve noticed that open interest has taken a small step back in the past 24 hours, leading to a 0.42% decrease overall. Currently, SHIB is priced at $0.0000256, marking a 4.41% decline from its price a week ago.
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2024-06-07 03:40