After multiple days of declining momentum, interest in the Shiba Inu derivatives market appears to be back in flames. Data from Coinglass has shown a notable increase in the Shiba Inu open interest over the last day.
According to the data, the dog-themed meme token has seen its open interest resurge back to a massive 13.93 trillion SHIB after hitting significant lows in the previous days. This marks a significant increase of 4.31% over the last day, signaling renewed optimism among SHIB enthusiasts.
$182 million in SHIB bets
Following the surge in SHIB’s derivatives activities, it appears that SHIB traders are increasingly willing to open new positions to bet on the asset’s price potential. This suggests that confidence has been restored to the SHIB community, posing the price of the token for more upsurge.
Per SHIB’s trading price as of August 27, the total amount of SHIB committed in its active futures contracts is worth over $182 million according to data provided by the source.
Nonetheless, it is important to note that the SHIB open interest indicates the total number of unsettled SHIB futures contracts or options contracts. As such, the aforementioned figure covers the total amount of funds invested by small and large investors in Shiba Inu derivatives as of August 27.
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The surge in SHIB’s open interest coincides with the broad crypto market price rebound which saw the price of the leading meme asset surge as high as $0.00001263 on Wednesday.
While momentum appears to be cooling, data from CoinMarketCap shows that the asset has surged to $0.00001250 as of press time after trading for less in the previous days. As such, SHIB has shown a 24-hour increase of 1.1%.
Source: CoinMarketCap
Nonetheless, its positive on-chain metric suggests that SHIB might be set for higher gains in the short term.
Further data provided by the source shows that leading cryptocurrency exchange Gate has dominated the SHIB derivatives market with 7.37 trillion SHIB registered by its users.
This impressive performance was followed by Bitget, which accounts for 2.44 trillion SHIB out of the total amount of SHIB’s unsettled contracts.