The Shiba Inu token has shown a noticeable increase in trader interest and a significant price increase amid rejuvenated interest in cryptocurrencies.
Surge in SHIB Open Interest
According to Coinglass, the open interest for the Shiba Inu token increased by 15.14% in a single day. Over just one day, traders added 14.03 trillion SHIB tokens to the futures market, indicating a significant shift in investor sentiment.
Price Fluctuations and Market Response
SHIB experienced a price rise of 20.07% over the past seven days, reaching a level of $0.00001343 after a 6.54% increase in the last 24 hours. This price increase coincided with a surge in open interest, which rose to $204.87 million.
Gate.io Dominates SHIB Trading
Data from Coinglass shows that a significant portion of the open interest in SHIB, amounting to $107.17 million, originated from the Gate.io platform, accounting for 52.41% of the total open interest. Following in volume are Bitget and OKX with 15% and 7.6%, respectively.
The Shiba Inu token continues to impact the market through rising open interest and price changes, reflecting growing optimism among investors.
