Shiba Inu has surged past other major cryptocurrencies including Bitcoin and XRP in futures activities as its traders show more optimism over the last 24-hour period.
Despite the cooldown in the recent market rally, Shiba Inu is still showing an explosive surge in its open interest volume over the last day.
However, other leading cryptocurrencies including Bitcoin and XRP are only showing mild increases in their futures activity, recording about 1-3% increases in their open interest rates.
11.75 trillion SHIB on bet
While the broader market resurgence has continued to garner momentum for Shiba Inu, investors' confidence in the meme token is growing stronger.
On Tuesday, April 21, data from Coinglass showed a massive 20.92% increase in the Shiba Inu open interest as the metric gradually returned to the high levels seen this year.
Following this explosive surge in the open interest, the amount of SHIB tokens currently committed in active futures contracts has exceeded 11.75 trillion SHIB worth over $70 million per SHIB's trading price at the time of writing.
This surge has called the attention of market watchers while stirring optimism as the metric was sitting at just around 9 trillion SHIB over the weekend.
With such a massive increase in the Shiba Inu open interest, there are speculations that the asset is still preparing for a major price breakout ahead.
Shibarium gets ETF filing greenlights
As the broad Shiba Inu ecosystem continues to gain traction, the Shibarium network is also seeing impressive growth and rapid adoption.
Following its growing usage, the team has just revealed that Shibarium has been mentioned as part of the blockchains under review during an ETF filing by T. Rowe Price.
U.Today Editorial Team
Dan Burgin
