18.07 Trillion Shiba Inu Surge Pushes Price Explosion

The Shiba Inu (SHIB) spot market is experiencing a dramatic surge in its trading price, which has also extended to the futures market. 

According to data provided by Coinglass, Shiba Inu has surged by a massive 8.51% in open interest over the last 24 hours.

Apparently, the metric surge shows that Shiba Inu traders have locked a massive 18.07 trillion SHIB tokens, worth $252.18 million, on the asset’s futures contracts as investors bet heavily on the Shiba Inu futures market.

Shiba Inu bulls reactivate

This dramatic surge in the Shiba Inu open interest metric coincides with a broad crypto market rally, which has seen leading cryptocurrencies like Bitcoin, XRP, and others reclaim previous highs.

While SHIB has also followed the positive market trend, it has seen its price record notable daily gains, hitting an intraday high of $0.0000136 on September 18th. As such, the massive uptrend in SHIB’s futures activities suggests that traders are betting heavily on a continued price rally for SHIB.

Nonetheless, the surge in SHIB’s futures activity comes as no major surprise, as high price volatilities have often been accompanied by heightened speculative interest among traders, hence triggering the increase in the SHIB open interest volume.

Meanwhile, there appears to be a brief twist, as the SHIB spot market recording a 60% volume jump amid a massive price pump suggests that the bullish momentum might be supported by both speculative and retail demand.

While it remains uncertain how long the market rally will last, investors believe that if SHIB maintains its current momentum, the leading meme token could attempt to retest key resistance levels and possibly remove another zero in the short run.

With SHIB’s open interest crossing a massive 18 trillion in the last 24 hours, data provided by the source show that the majority of these traders are on the Gate exchange, as they account for 49.56% of the total SHIB committed across all exchanges during the day.

Furthermore, Bitget, OKX, and MEXC also followed the list as the top four exchanges with the most traders that contributed significantly to SHIB's overall open interest. Bitget, OKX, and MEXC recorded 2.58 trillion SHIB, 1.34 trillion SHIB, and 1.34 trillion SHIB, respectively.