Shiba Inu (SHIB) Open Interest Surges: Is the Price Set for a Remarkable Rally Soon?

June 8, 2024 at 05:38 PM GST 2 mins read News

Shiba Inu’s open interest has surged to over $97 million, indicating renewed investor excitement and potential.
Open interest in SHIB is currently 60% from its record high, suggesting a possible significant price rally.
Historical data shows a strong correlation between rising open interest and SHIB price increases, hinting at future gains.

The significant increase in open interest in Shiba Inu (SHIB) has investors excited once more. Though open interest hasn’t yet surpassed the all-time high established in March 2024, this encouraging pattern indicates that things may soon improve.

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Since June 6, SHIB’s total open interest has surged above $97 million across exchanges. The meme cryptocurrency’s open interest hit $97.08 million, one of the largest amounts this year, according to Coinglass data. Given the challenges SHIB has seen lately, this rise is significant.

Shiba Inu’s open interest hit a record high of around $136 million in March 2024. But by mid-April, the number had fallen significantly, losing more than half of its original worth.

This decline raised concerns among investors, but May brought a change in fortunes. Open interest started to recover, and in June, it jumped significantly. From its low point in March to the current figure in June, SHIB’s open interest has nearly doubled, indicating a substantial surge in interest from investors.

Open interest is currently around 60% from reaching a new record high. If this trend continues, it could have significant implications for the SHIB price. Historically, increases in open interest correlate with price rallies.

For example, when SHIB’s open interest peaked in March, the price of the crypto rose accordingly. If open interest reaches an all-time high of $136 million, the SHIB price might set a new annual record if it manages to hit $0.00004.

The price of SHIB more than quadrupled in March during a spike in open interest, suggesting a strong correlation between open interest and price performance. Although open interest has been trending upward, there has been a slight lull over the last day, falling by 0.42 percent.

At US$0.0000234, SHIB’s price was down 7.4% from the previous week as of the writing of this article. This small setback doesn’t change the positive prognosis for Shiba Inus generally.

Shiba Inu’s (SHIB) cryptocurrency future appears promising. A surge in open interest signals growing investor confidence and potential price increases. Nearing record highs, SHIB could see significant rallies if trends continue.

Historically, rising open interest has led to price gains. As the market evolves, SHIB’s community and development efforts may enhance its position, making it a strong contender in digital currency. This optimism suggests that SHIB could remain valuable for years to come.