Shiba

Cardano

Shiba Inu

Inu.

<p class="p2">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 <a href="https://www.newsbtc.com/news/shiba-inu-surges-10-open-interest-explodes-on-top-exchanges-is-this-the-comeback/">open interest</a>. This metric has seen a significant increase, with potential implications for the SHIB price going forward.</p> 
<h2 class="p2" id="shiba-inu-open-interest-sees-85-surge">Shiba Inu Open Interest Sees 85% Surge</h2> 
<p class="p2">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.</p> 
<p class="p2">The 85% figure is taken from an average of two increases in the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-open-interest-40-crash/">Shiba Inu open interest </a>across the Binance and ByBit exchanges. According to data from Coinglass, the SHIB open interest in Binance <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="nofollow">rose</a> more than 60% in the last day. In the same vein, the Shiba Inu <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="nofollow">open interest is up</a> 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.</p> 
<p class="p2">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.</p> 
<p class="p2">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 <a href="https://www.newsbtc.com/news/shiba-inu-on-the-verge-of-600-rally-analyst-weighs-in/">SHIB derivatives</a> on the exchange. Combined, the Shiba Inu open interest if up around $135 million in one day.</p> 
<h2 class="p2" id="shib-price-still-seeing-upside">SHIB Price Still Seeing Upside</h2> 
<p class="p2">The drastic rise in the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-open-interest-price/">Shiba Inu open interest</a> is undoubtedly a positive development for the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-price-cant-reach-0-01/">SHIB price</a>. 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.</p> 
<p class="p2">Amid the surge in open interest, the <a href="https://www.newsbtc.com/news/shiba-inu-on-the-verge-of-600-rally-analyst-weighs-in/">SHIB price</a> 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 <a href="https://www.newsbtc.com/meme-coins/shiba-inu-competitor-dogwifhat-10/">meme coin</a> is maintaining 24-hour gains of 7.77%.</p> 
<p class="p2">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 <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-traded-tokens-whales-data-shows/">price correction,</a> Shiba Inu has fallen back down once more to 11th place.</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/nMD7iINf/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1576">

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

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