The broad crypto market is down, but the Shiba Inu derivatives market has shown strength, flipping all leading cryptocurrencies, which have continued to see weak futures activity over the last day.
Despite the negative market trend, Shiba Inu has seen its open interest surge notably by 3.42% over the last day, with traders committing a massive 11.03 trillion SHIB to its futures market, according to data from the futures market.
After multiple days of trading negatively, the impressive open interest volume marks a major shift in investor sentiment, as the token has restored hopes with its strong futures activity.
Shiba Inu flips Bitcoin and XRP in futures activity
While leading cryptocurrencies like Bitcoin and XRP have seen their open interest each plummet by about 2%, Shiba Inu has flipped the leading crypto assets in the key metric, as over $80 million worth of the tokens have been committed in active contracts.
While the SHIB price movement has continued to trend negatively amid the broad crypto market bloodbath, the increase in its open interest volume has flashed a bullish signal, restoring hopes for a potential bullish trajectory.
The positive trend in the Shiba Inu derivatives market also extended to its spot market, as the asset’s trading price reflected a decent increase over the last day.
While the increase in SHIB open interest volume reflects the heavy bets placed by bullish investors on the Shiba Inu futures market over the last day, it appears that demand for the asset has also surged, causing its price to break the negative market trend.
According to data from TradingView, Shiba Inu has surged by 0.59% over the last 24 hours, trading at $0.000007174 as of writing time.
However, other top crypto assets have remained in the red territory, showing notable daily declines during the same trading session, suggesting increased interest in the dog-themed meme asset compared to other cryptocurrencies.
Gate.io leads Shiba Inu futures
The data further shows that Gate.io accounts for the highest share of Shiba Inu’s total open interest among all supported exchanges.
Notably, the largest portion of Shiba Inu’s open interest capital, worth about $107.17 million, was contributed by traders on Gate.io, accounting for 38.8% of the total open interest. Traders on Blank and OKX followed closely, accounting for 13.41% and 11.52%, respectively.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team