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The Shiba Inu futures' open interest has been in the spotlight in the past 24 hours as the broader market momentum shifted positively. Per data from CoinGlass, open interest has jumped by over 6% in 24 hours. Effectively, over 9.2 trillion SHIB tokens are now committed in the futures market.
Shiba Inu open interest spread
Per the CoinGlass data, the dollar equivalent of the total committed SHIB is $121.63 million. Gate.io had more exposure on the Shiba Inu open interest market, with 6.92 trillion SHIB valued at $90.26 million, or 74% of the total market. Following closely is Bitget, with 974.05 billion SHIB committed.
Gamza KhanzadaevOKX, CoinEx and BingX also saw a significant share of the SHIB on the futures market. The uptick in open interest is a sign that futures traders are now optimistic about the coin’s potential to rebound. This surge in SHIB open interest has precedence and shows that despite the volatility, the coin still has positive adoption sentiment.
At the time of writing, the meme coin was changing hands for $0.00001308, up 1.04% in 24 hours. Amid its rebound push, the coin has now pared off its weekly losses. As reported earlier by U.Today, the token broke the $0.000013 resistance earlier in hopes of reclaiming lost rankings. The coin is poised to see more of a rally ahead with the sustained open interest trend.
SHIB ecosystem influence not waning
Shiba Inu has seen a varying outlook within its ecosystem over the past month, including the massive drop in Shibarium transaction count. However, core growth metrics show that SHIB's influence is not waning.
Godfrey BenjaminAs reported earlier, one of these metrics is the burn rate, which skyrocketed by over 5,400%. With millions of SHIB sent to dead wallets, the project has revived its deflationary pursuit, a sign of confidence in its longer-term prospects.
Dan Burgin
Vladislav Sopov