Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	13,686,125,335	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

13,686,125,335

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0004	-0.10%	0.3904	0.3903	0.3904

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0004

-0.10%

0.3904

0.3903

0.3904

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.3956	0.3847	0.391	0.3908	0.236800 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.3956

0.3847

0.391

0.3908

0.236800 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	16:46:47	780.00	0.3904	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

16:46:47

780.00

0.3904

USD

Price x Volume	Volume	Base Symbol	Related Pairs
4,448,050.25	11,422,926.60	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

4,448,050.25

11,422,926.60

Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important

29/05/2024 10:00pm

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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