Shiba Inu (SHIB) has registered a 10.15% surge in open interest in the last 24 hours, setting bulls on fire. The double-digit rise in the open interest metric suggests that some SHIB holders are speculating on a possible price rally in the coming days.
SHIB trading volume soars as whales accumulate
As per CoinGlass data, a total of $13.62 trillion SHIB worth $189.04 million has been committed to the futures derivatives market.
Notably, open interest represents the total number of outstanding derivatives contracts for SHIB. With the current surge, investors of the dog-themed meme coin are looking forward to price gains.
As of this writing, Shiba Inu is changing hands at $0.00001321, which represents a 9.68% increase in the last 24 hours. The meme coin had earlier traded as high as $0.00001348 before a slight correction amid market volatility.
The Shiba Inu community is very bullish at the moment as trading volume soared by a staggering 207.08% to $459.13 million. Shiba Inu’s ability to clear the $0.00001320 resistance level is seen as a very significant move for the asset.
Ecosystem whales have also been busy in a move that suggests strategic buying. There has been a massive accumulation of billions of SHIB as whales withdrew the asset from Coinbase.
Despite death cross, SHIB bulls dominate open interest
The current increase in open interest is coming just days after a death cross was confirmed on SHIB. Despite the weakening market signal, which suggested a possible increase in selling pressure, the meme coin has been able to overcome the bearish moment.
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Investors have defied the signals to support the asset. Interestingly, the majority of these traders are on the Gate exchange. These accounted for 48% of the total open interest, committing 7 trillion SHIB worth $92.56 million.
Bitget, OKX and MEXC traders also contributed significantly with figures at 2.58 trillion SHIB, 1.34 trillion SHIB and 1.34 trillion SHIB, respectively.