Shiba Inu Open Interest Explodes On Top Exchanges – Is This The Comeback?
April 18 2024 - 2:41AM
NEWSBTC
In the volatile landscape of cryptocurrency markets, Shiba Inu, the
popular meme coin, has once again captured the attention of
investors with a notable surge in value, despite losing 4% of its
value in the last day. The memecoin reached a high of $0.00002296
after experiencing a temporary dip to $0.00002092 just the day
before. Source: CoinMarketCap Related Reading: Whale Alert: MATIC
Poised For Epic Surge – Time To Dive In? Open Interest Surge
Signals Market Activity A key indicator of this newfound interest
in Shiba Inu lies in the surge of open interest observed across
major exchanges. Leading the charge are exchanges like Huobi and
OKX, where Shiba Inu’s open interest soared to nearly $16 million
and $15 million, respectively. Source: Coinalyze This surge in open
interest reflects heightened market activity and suggests a growing
number of investors are actively engaging with Shiba Inu futures
contracts. Mixed Sentiment Persists Among Traders Despite the surge
in open interest and the subsequent price rally, sentiment among
traders remains mixed. While there is evident optimism driving the
market, reflected in the increase in open interest, the Long/Short
Ratio paints a nuanced picture. SHIB market cap currently at $12.8
billion. Chart: TradingView.com Currently standing at 0.94, the
Long/Short Ratio indicates that more traders are betting on a
potential price drop for Shiba Inu. This divergence in sentiment
adds a layer of complexity to the market dynamics surrounding Shiba
Inu. Leveraged Trading Statistics And On-Chain Indicators Examining
the market, statistics on leveraged trading offer additional
insights into the current state of SHIB. Across exchanges like
Bitget, CoinEx, BingX, Huobi, OKX, Kraken, and BitMex, open
interest for Shiba Inu futures contracts stands at a staggering
2.40 trillion SHIB tokens. While exchanges like Bitget lead the
pack with significant gains in open interest, others like BingX and
CoinEx also show notable increases. Related Reading: Elon Musk
Latest Tweet: How Much Did Dogecoin Gain From It Today?
Furthermore, on-chain indicators present a bullish outlook for
Shiba Inu, despite the fluctuations in price and market sentiment.
A consistent decline in SHIB tokens held on exchanges since the
onset of the bull market in October 2023 suggests that long-term
investors maintain confidence in Shiba Inu’s potential. This trend
persists even amidst recent market dips in March and April,
highlighting the resilience of Shiba Inu’s investor base.
Navigating Shiba Inu’s Market Dynamics While the recent surge in
price and open interest signals renewed interest and activity, the
divergence in trader sentiment underscores the inherent uncertainty
of the market. Nevertheless, with on-chain indicators pointing
towards long-term confidence, Shiba Inu remains a cryptocurrency to
watch closely in the days to come. Featured image from Pexels,
chart from TradingView
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024