Shiba Inu Open Interest Surges Against Bitcoin and XRP

The crypto market is still struggling to recover from the prolonged volatility seen over the past few weeks, and Shiba Inu (SHIB) has continued to trade in red territory, showing mild losses over the last day.

Despite negative price movements, Shiba Inu traders have locked in 10.16 trillion SHIB tokens worth $64.05 million as investors begin to place more bets on the Shiba Inu futures market. 

While momentum has been weak, rising interest from Shiba Inu futures traders have seen the asset show a decent increase of 2.56% in the last 24 hours, according to data from CoinGlass.

Shiba Inu flips Bitcoin and XRP

While the mild surge in Shiba Inu’s open interest suggests that investors are gradually regaining interest in the asset, the metric comes as a surprise as other leading cryptocurrencies, including Bitcoin and XRP⁠⁠⁠⁠⁠⁠⁠, have only recorded notable declines in open interest over the same period.

While Bitcoin and XRP futures traders appear to be lagging as they have held back on their bets amid looming uncertainties, they have recorded 4.29% and 2.35% in open interest, respectively.

Nonetheless, it is quite interesting to note that the open interest surge has also moved its trading price, which has remained steady in red territory for the past few weeks.

Although the Shiba Inu trading price has failed to show any sign of recovery, the brief increase in its open interest has sparked discussion across the crypto community about its potential to regain over the weekend.

While Shiba Inu is currently trading at $0.000006111 with a price decrease of 0.58% over the last 24 hours, the positive futures activity suggests that the price might see a potential resurgence if the momentum persists.