- OKX dominates SHIB Open Interest
- Traders can expect changes in SHIB price
As one of the most talked-about meme coins, Shiba Inu (SHIB) is displaying fresh signs of activity in the derivatives market. Data from Coinalyze shows a significant rise in its open interest, up 8.11% in the last 24 hours.
This brings the total open interest within this period to $18.6 million, a sign that many traders are opening new positions on SHIB. The chart also shows that perpetual contracts make up all of the meme coin’s derivatives volume, with no futures contracts recorded at the time of writing.
With the whole $18.6 million in open interest coming from perpetual trades, it is proof that there’s strong market engagement in shorter-term speculative positions.
OKX dominates SHIB Open Interest
A deeper look into the SHIB open interest data for cryptocurrency exchanges shows that OKX dominates by a wide margin. The platform holds about $16 million of the total open interest, a sign of a massive concentration of trading activity.
After OKX, Huobi, BitMEX, Kraken, dYdX, and Bitfinex also contribute to the open interest, but at smaller portions, which range between $191,000 and $797,000. There are several reasons why Shiba Inu attracts such a huge amount of open interest on OKX.
Since 2021, traders on OKX have accepted USDT-margined perpetual swaps with up to 75X leverage. This is why the platform might interest traders who are looking for major leverage.
SHIB may have just a 0.02% slot in crypto derivatives, but the big jump in open interest in one day shows that traders are becoming more confident. This may be because of planned updates in Shiba Inu, for example, the transfer of 142.7 billion SHIB tokens to an unused wallet or reactions to recent changes in the price of Shiba Inu.
Traders can expect changes in SHIB price
The rise in open interest indicates that investors are trading more, which often happens before a major rise or fall in prices. SHIB’s popularity in perpetuals and its leading role on OKX signify that both high-frequency and institutional traders are finding this meme coin attractive once more.
SHIB is currently worth $0.00001455 per token, as confirmed by CoinMarketCap data after a 1.63% rise within the previous 24 hours.
Its trading volume for the day has increased by 3.12% to $99.87 million.