{"id":610398,"date":"2024-05-29T21:00:01","date_gmt":"2024-05-29T21:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=610398"},"modified":"2024-06-11T06:45:45","modified_gmt":"2024-06-11T06:45:45","slug":"shiba-inu-open-interest-85-15","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/shiba-inu-coin\/shiba-inu-open-interest-85-15\/","title":{"rendered":"Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important"},"content":{"rendered":"<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:\/\/uniquehot.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>\n<h2 class=\"p2\">Shiba Inu Open Interest Sees 85% Surge<\/h2>\n<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\u2019s derivatives at a time. This means that the amount invested in Shiba Inu derivatives over the last day has seen a significant jump.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-spot-etfs-grayscale\/\" rel=\"nofollow\">Ethereum Spot ETFs: Report Shows Grayscale Could Keep ETH Price Down With $110M Daily Outflows<\/a><\/div>\n<p class=\"p2\">The 85% figure is taken from an average of two increases in the <a href=\"https:\/\/uniquehot.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>\n<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>\n<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:\/\/uniquehot.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>\n<h2 class=\"p2\">SHIB Price Still Seeing Upside<\/h2>\n<p class=\"p2\">The drastic rise in the <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-open-interest-price\/\">Shiba Inu open interest<\/a> is undoubtedly a positive development for the <a href=\"https:\/\/uniquehot.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>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/2-9-billion-mt-gox-bitcoin\/\">$2.9 Billion In Mt. Gox Bitcoin On The Move For The First Time In 5 Years, Where Is It Headed?<\/a><\/div>\n<p class=\"p2\">Amid the surge in open interest, the <a href=\"https:\/\/uniquehot.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:\/\/uniquehot.com\/meme-coins\/shiba-inu-competitor-dogwifhat-10\/\">meme coin<\/a> is maintaining 24-hour gains of 7.77%.<\/p>\n<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:\/\/uniquehot.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>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><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\"><figcaption class=\"wp-caption-text\">SHIB price jumps from dips | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">SHIBUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 open interest. This metric has seen a significant increase, with potential implications for the SHIB price going forward. Shiba Inu Open Interest Sees 85% Surge 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\u2019s derivatives at a time. This means that the amount invested in Shiba Inu derivatives over the last day has seen a significant jump. Related Reading: Ethereum Spot ETFs: Report Shows Grayscale Could Keep ETH Price Down With $110M Daily Outflows The 85% figure is taken from an average of two increases in the Shiba Inu open interest across the Binance and ByBit exchanges. According to data from Coinglass, the SHIB open interest in Binance rose more than 60% in the last day. In the same vein, the Shiba Inu open interest is up 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. 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. 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 SHIB derivatives on the exchange. Combined, the Shiba Inu open interest if up around $135 million in one day. SHIB Price Still Seeing Upside The drastic rise in the Shiba Inu open interest is undoubtedly a positive development for the SHIB price. 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. Related Reading: $2.9 Billion In Mt. Gox Bitcoin On The Move For The First Time In 5 Years, Where Is It Headed? Amid the surge in open interest, the SHIB price 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 meme coin is maintaining 24-hour gains of 7.77%. 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 price correction, Shiba Inu has fallen back down once more to 11th place. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":610429,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,89178,84473,83667,89157,86437,84562,84558],"class_list":["post-610398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\n<title>Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important<\/title>\n<meta name=\"description\" content=\"Shiba Inu is currently the talk of the crypto market after mounting a 15% surprise rally, as its open interest surges 85%.\" \/>\n<meta name=\"robots\" content=\"index, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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