Shiba Inu has witnessed significant growth in Open Interest on major exchanges today following a 9.75% surge in the past 24 hours.
Earlier today, Shiba Inu briefly showed signs of recovery from the recent market decline by rallying to a high of $0.00002296. This represents a 9.75% increase from the previous day’s low of $0.00002092 on April 16.
The rise in Shiba Inu’s value reflects a gradual resurgence of investor interest in the asset after a retest of the $0.000018 range on Saturday. According to insights from Coinlyze, there has been a notable increase in Open Interest (OI) for Shiba Inu on leading exchanges.
Open Interest for Shiba Inu on Huobi reached $15.7 million, while OKX recorded $14.6 million. Other tracked exchanges, such as Kraken, BitMex, and Bitfinex, saw Open Interest below $1 million for Shiba Inu.
Open Interest refers to the total number of outstanding Shiba Inu contracts that have not been settled. It indicates the level of market activity and investor interest in SHIB futures contracts on these exchanges. This metric suggests that, in addition to the usual optimism surrounding returns, an increasing number of risk-tolerant traders anticipate significant movement for SHIB in the near future. However, the current Long/Short Ratio of 0.9406 suggests that more traders are betting on a decline in Shiba Inu’s price.
Coinglass data provides further insights into the current trend of leveraged trading for Shiba Inu. The statistics show that Open Interest for Shiba Inu across exchanges Bitget, Huobi, OKX, BingX, CoinEX, Kraken, and BitMex amounts to 2.39 trillion SHIB tokens. Bitget leads with 814 billion tokens, showing a 0.41% gain in the last hour. BingX and CoinEx experienced the most significant positive changes over the past 24 hours, with increases of 8.45% and 4.5% respectively, and Open Interest of 117 billion and 33 billion SHIB.
However, the overall cumulative Open Interest for Shiba Inu across all tracked exchanges in the last 24 hours is negative, at 3.81%.
Another bullish factor for Shiba Inu can be observed on-chain, with a consistent decline in SHIB tokens held on exchanges since the start of the bull market in October 2023. This trend has continued despite dips in March and April, indicating that long-term investors remain optimistic about SHIB.
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