Traders of Shiba Inu (CRYPTO: SHIB) have locked a staggering 7.38 trillion SHIB tokens into the derivatives market. This move has triggered a price surge and a renewed wave of optimism among the SHIB community.
As per data from CoinGlass, the SHIB tokens locked in are valued at over $76 million. This action aligns with a wider crypto market resurgence, suggesting a growing confidence in the future of SHIB.
Information from the CoinGlass indicates that momentum is making a comeback in the SHIB ecosystem, with investors placing substantial bets on the Shiba Inu futures market.
As of Saturday, SHIB’s open interest has skyrocketed by more than 15%, with a colossal 7.38 trillion SHIB recorded as open interest across all supported exchanges.
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After a phase of high volatility and sideways movement, SHIB’s price has jumped by over 10.43% in the last day, eliminating a zero from its price. This significant price movement has rekindled optimism and momentum within the SHIB community.
According to CoinMarketCap data, SHIB’s price hit an intraday high of $0.00001032, breaking past key resistance levels. The bulk of Shiba Inu’s open interest capital originated from traders on the Gate.io exchange, accounting for 47.13% of the total open interest, which equates to about $36.63 million in SHIB.
Why It Matters: The recent surge in SHIB’s price and the substantial amount of tokens locked in the derivatives market underscore the growing confidence in Shiba Inu’s potential. This development, coupled with the broader crypto market resurgence, could signal a positive trend for SHIB and its investors.
The significant increase in open interest across exchanges also indicates a renewed interest and optimism in the SHIB community, potentially leading to further price appreciation in the future.
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Image: Shutterstock/Robert Way
