The entire crypto market has seen a steady increase in open interest (OI) over the last few months. But the Shiba Inu open interest seems to not have followed this trend as much as others. While there has been a huge jump in the open interest of the largest cryptocurrencies in the industry, Shiba Inu’s rise has remained relatively muted, with implications for the altcoin’s price.

過去幾個月，整個加密貨幣市場的未平倉合約（OI）穩步成長。但柴犬的未平倉部位似乎沒有像其他人那樣遵循這一趨勢。儘管業內最大的加密貨幣的未平倉合約大幅增加，但柴犬的上漲仍然相對溫和，這對山寨幣的價格產生了影響。

Shiba Inu Open Interest Trajectory

柴犬持倉量軌跡

The Shiba Inu open interest initially started pumping back in August when the current bull run began. However, in the following months, the open interest has been considerably lower, happening at a time when open interest across other top cryptocurrencies is seeing large spikes.

當目前的牛市開始時，柴犬的未平倉合約最初在八月開始回升。然而，在接下來的幾個月中，未平倉合約大幅下降，而此時其他頂級加密貨幣的未平倉合約卻大幅飆升。

Shiba Inu’s open interest crossed $43 million back in August but has had a hard time returning to this level, data from Coinglass shows. The open interest has since dropped and continues to range just below the $20 million level. Now, while this is not out of character for the altcoin, it is a deviation when it comes to following Bitcoin’s trends.

Coinglass 的數據顯示，Shiba Inu 的未平倉部位在 8 月就突破了 4,300 萬美元，但很難回到這一水平。此後，未平倉合約有所下降，並繼續徘徊在略低於 2000 萬美元的水平。現在，雖然這對山寨幣來說並非不合時宜，但在追隨比特幣趨勢方面卻有偏差。

Dogecoin, SHIB’s foremost competitor, has followed the trajectory of Bitcoin, with the open interest staying low through the months of October and then exploding in the month of November. To put this in perspective, the Dogecoin open interest dropped as low as $226 million in October before exploding as high as $520 million in November.

SHIB 最重要的競爭對手狗狗幣追隨了比特幣的發展軌跡，未平倉合約在 10 月一直保持在較低水平，然後在 11 月爆炸式增長。從這個角度來看，狗狗幣的未平倉合約在 10 月跌至 2.26 億美元，然後在 11 月飆升至 5.2 億美元。

However, the Shiba Inu open interest has struggled, maintaining a low peak of $17 million in November with a small rise to $18 million in December. This is in stark contrast to the open interest of Bitcoin and Dogecoin which have seen a flurry of activities as prices have recovered.

然而，柴犬持倉量一直舉步維艱，11 月維持在 1,700 萬美元的低位，12 月小幅上漲至 1,800 萬美元。這與比特幣和狗狗幣的未平倉合約形成鮮明對比，隨著價格回升，比特幣和狗狗幣出現了一系列活動。

SHIB OI Deviates From Price

SHIB OI 偏離價格

Another way that Shiba Inu has deviated from the rest of the crypto market is the fact that the price does not move directly proportional to the open interest. While the likes of Bitcoin and Dogecoin have shown prices moving upward as open interest has soared, SHIB’s price has remained fairly high while the open interest has remained fairly low.

Shiba Inu 偏離加密貨幣市場其他部分的另一個方式是，價格並不與未平倉合約成正比。雖然比特幣和狗狗幣等貨幣的價格隨著未平倉合約的飆升而上漲，但 SHIB 的價格仍然相當高，而未平倉合約仍然相當低。

This suggests that a rise in open interest is not actually one of the major factors pushing the SHIB price. So unlike others, a crash in open interest will likely not translate into a crash in price. However, Shiba Inu continues to trail the Bitcoin recovery closely, so a decline in the BTC price could sorely affect the SHIB price.

這表明未平倉合約的增加實際上並不是推動 SHIB 價格的主要因素之一。因此，與其他情況不同的是，未平倉合約的暴跌可能不會轉化為價格暴跌。然而，柴犬繼續密切關注比特幣的復甦，因此 BTC 價格的下跌可能會嚴重影響 SHIB 的價格。