Shiba Inu (SHIB) in the last 24 hours has recorded a significant spike in open interest as traders bet heavily on the asset’s future. CoinGlass data reveals that over 11 trillion SHIB have been committed to the meme coin’s derivatives market.
Shiba Inu open interest surges as traders bet on rebound
Notably, a total of 11.27 trillion SHIB valued at $90.36 million were committed in the last 24 hours. This represents a 3.94% uptick within the period and a significant development for the meme coin, which continues to face price rebound challenges.
For clarity, open interest indicates the total value of future contracts that investors in Shiba Inu have opened on the meme coin. The uptick by over 3% signals renewed bullish confidence in the asset by these market participants.
The data shows that the greatest percentage of traders most bullish on Shiba Inu are on the Gate exchange, which accounts for 44% of the total open interest. These investors committed 5.06 trillion SHIB worth $39.82 million to the futures market.
Other exchanges include OKX, LBank and MEXC, with 11.05%, 10.6% and 10.13%, respectively. In fiat terms, the values are worth $9.99 million, $9.59 million and $9.14 million, corresponding to 1.27 trillion SHIB, 1.22 trillion SHIB and 1.16 trillion SHIB, in that order.
These traders are bullish on a price rebound, and Shiba Inu has been showing an upward movement. The meme coin jumped from a low of $0.000007755 to an intraday peak of $0.000008105 in the last 24 hours.
As of this writing, Shiba Inu changes hands at $0.000007875, reflecting a 0.27% increase.
The trading volume has also climbed by 9% to $89.68 million. The development suggests positive sentiments in the Shiba Inu ecosystem. Notably, the current activity might be investors trying to position ahead of February, a month when the meme coin boasts an average 9% growth.
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The speculative interest is supporting upward movement for SHIB thus far, and investors will be hoping the momentum lingers.
As U.Today reported, Shiba Inu might be in a battle of supremacy with the king of meme coins, Dogecoin (DOGE). SHIB has always triumphed over DOGE, and historical data reveals a 397% performance gap between the duo.
With the current uptick in open interest and other critical metrics like price and volume in the green, it appears Shiba Inu is already preparing for a showdown. The meme coin’s performance in the next seven days before February will clarify things for investors.
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