Shiba Inu’s Open Interest Ignites Amid Price Movements

You can also read this news on COINTURK NEWS: Shiba Inu’s Open Interest Ignites Amid Price Movements

Known as the Dogecoin (DOGE) killer, Shiba Inu (SHIB) has managed to reverse its long-term losing streak with its notable recent price movements. Additionally, there is a significant increase on the derivatives side of the altcoin. Current data reveals that Shiba Inu’s open interest (OI) has increased by over 25% in the last 24 hours.

Shiba Inu’s OI Data Catches Fire

According to data compiled by the crypto derivatives analysis platform Coinglass, SHIB‘s OI has risen by 25.23% to $18.22 million in the last 24 hours at the time of writing. In addition, the total derivatives volume for SHIB increased by 36.34% to $56.83 million. Furthermore, no major liquidations have been reported for Shiba Inu today. Only $245,410 worth of long and short positions were liquidated in the last 24 hours, with $62,320 of that amount liquidated in the last four hours.

A closer look at the OI data shows that the exchange OKX holds the highest share. OKX has a share of $7.29 million in Shiba Inu’s OI, which corresponds to a 10.60% increase over the last 24 hours on a crypto exchange basis.

Interestingly, Huobi Global also stands out as an exchange leading the increase in Shiba Inu’s OI. A 83.12% increase in Shiba Inu’s OI was observed on the crypto exchange, and it currently has an OI worth $5.16 million. Bitget, on the other hand, recorded a 10.56% increase in Shiba Inu’s OI, reaching $3.19 million.

Current SHIB Price Situation

After nearly a month of decline, SHIB has finally started a series of trading sessions dominated by an uptrend recently. The price of Shiba Inu’s SHIB is trading at $0.000009408, up 1.79% in the last 24 hours at the time this article was prepared. Moreover, the altcoin’s market value rose by 1.72% to $5.54 billion in the same period.

Additionally, the trading volume for SHIB in the last 24 hours increased by 9.74% to $157.39 million. During the day, the altcoin’s price rose to $0.000009502. After peaking at $0.00001125 in the monthly time frame, subsequent declines added an extra zero to SHIB’s price.

On the other hand, the Shiba Inu community continues its token burns relentlessly. Although the token burn rate has decreased in the last 24 hours, token burns continue at full throttle. According to Shibburn’s data, 3.06 million SHIB tokens were burned in the last 24 hours.