Shiba Inu (SHIB) and Dogecoin (DOGE) have seen an increase in funding after Bitcoin’s (BTC) October rally. Open interest (OI) for SHIB has spiked by 23% to $61.74 million since Nov. 1. SHIB currently has the highest percentage...
Shiba Inu (SHIB) and Dogecoin (DOGE) have seen an increase in funding after Bitcoin’s (BTC) October rally. Open interest (OI) for SHIB has spiked by 23% to $61.74 million since Nov. 1. SHIB currently has the highest percentage growth in OI among top crypto projects. Meanwhile, the OI for DOGE has risen 14.6% to $328 million.
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An increase in OI means an increase in funds flowing into the project. The increase in derivatives signals more risk-taking among investors. The crypto market’s bullish October run may have caused a spike in investor sentiment. Shiba Inu’s (SHIB) price has increased by 7% in the weekly charts, while DOGE’s price has increased by over 10% in the same time frame. Investors may be feeling bullish about both memecoin’s future performance.
Shiba Inu (SHIB) reveals new wallet features
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The new wallet also boasts a recovery feature, which is different from the traditional seed phrase system. Users will be able to recover their wallets via multiple-factor authentication.
The wallet will also include fee-less transactions. Hence, users do not need to hold the network’s native token to send funds.