One of the most popular meme cryptocurrencies, Shiba Inu (SHIB), is back in the spotlight after a significant rise in derivatives activity.
The latest data from Coinglass shows that SHIB's futures open interest has increased to $220 million, its highest level in the last 30 days.
Open interest is the total value of all open futures contracts on an asset. Typically, a rise in open interest signals increased investor confidence in the asset’s short-term price direction.
Coinglass shows a gradual increase in SHIB open interest since late April and into May, including a significant breakout in the last 48 hours. This increase coincides with a modest rally in
It also suggests that speculators are anticipating a significant price move and are opening leveraged positions to capitalize on the potential swing.
With its meme-driven community and a history of sharp price changes, Shiba Inu has long been considered a high-risk, high-reward asset.
Majority of SHIB investors break even
Meanwhile, the latest on-chain data from IntoTheBlock shows that more than half of token holders are currently at breakeven. This data also offers insight into the overall profitability of SHIB holders.
According to the data, only 18.49% of SHIB addresses, holding 182.19 trillion SHIB, are currently “in the money” (or in profit), meaning the current price is higher than their average purchase price.
However, 27.93% of SHIB addresses, holding 275.19 trillion SHIB tokens, are at a loss, or “out of the money.”
Vladislav Sopov