Shiba Inu’s Open Interest Ignites as Prices Rally

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Regarded as a Dogecoin (DOGE) killer, Shiba Inu (SHIB) has managed to reverse its long-term losing streak with significant price movements recently. Moreover, there is a notable increase on the derivative 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 Heats Up

According to data compiled by the crypto derivatives analysis platform Coinglass, SHIB’s OI has risen by 25.23% to $18.22 million during the last 24 hours at the time of writing. Additionally, the total derivative 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 OKX exchange has the highest share. OKX holds a $7.29 million share in Shiba Inu’s OI, which corresponds to a 10.60% increase in the last 24 hours on a cryptocurrency 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 cryptocurrency exchange, and it currently holds an OI worth $5.16 million. Bitget recorded a 10.56% increase in Shiba Inu’s OI, reaching $3.19 million.

Current SHIB Price Status

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

In addition, 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 timeframe, subsequent declines added an extra zero to SHIB’s price.

On the other hand, the Shiba Inu community continues with token burns incessantly. Although the token burn rate has decreased in the last 24 hours, token burns are still going strong. According to Shibburn’s data, 3.06 million SHIB tokens were burned in the last 24 hours.