Major crypto exchange Bitrue has announced fee-free trading for Shiba Inu futures, much to the delight of SHIB traders and its general community.
Bitrue has announced a new promotion that features fee-free trading for SHIB and 12 other futures pairs, along with a chance for 50 random winners to win 50 USDT daily.
By definition, Shiba Inu futures are an agreement between two counterparties to buy and sell a specific amount of SHIB at a particular future Shiba Inu price on a specific date and time.
Shiba Inu (SHIB) futures allow users to gain exposure to Shiba Inu without ever having to own it, so the announcement remains noteworthy for present and aspiring SHIB futures traders.
SHIB open interest jumps
According to CoinGlass data, Shiba Inu is demonstrating a rise in open interest, which is up 13.01% to $27.15 million.
The total number of futures contracts held by market participants at the end of the trading day is referred to as open interest, and it indicates the full amount of activity on the futures market.
A rise in open interest signifies the entry of new capital onto the market. Bitcoin's recent run beyond $44,000 appears to have breathed new life onto the crypto market, driving an upsurge in money flowing into specialized cryptocurrencies such as Shiba Inu (SHIB). This statistic revealed by SHIB derivatives shows that investors are more willing to incur risks.
Noteably, Shiba Inu (SHIB) has been a beneficiary of the bullish impulse on the market, soaring to highs of $0.00001067 in today's trading, erasing a zero from its price.
At the time of writing, SHIB was up 8.72% in the last 24 hours to $0.000010. Shiba Inu's trading volume has also spiked 140% in response to the price volatility, with a whopping $808 million worth of SHIB traded in the last 24 hours, according to CoinMarketCap data.