Shiba Inu Open Interest Returns To February 2024 Levels, What Happened Last Time?


Shiba
Inu
has
seen
a
notable
uptick
in
its
open
interest
that
has
sent
renewed
vigor
through
investors.
While
the

meme
coin’s
open
interest
is
yet
to
break
its
Match
2024
all-time
high,
it
is
on
a
bullish
trend
that
could
see
an
attempt
soon.

How To Get Free Crypto  

Shiba
Inu
Open
Interest
At
February
Levels

The
total
Shiba
Inu
open
interest
has
climbed
back
above
$97
million
across
multiple
exchanges,
bringing
it
to
one
of
the
highest
levels
so
far
for
the
year.
According
to

data
from
Coinglass,
the
SHIB
open
interest
is
now
sitting
at
$97.08
million
as
of
June
6,
2024.


Related
Reading

This
figure
is
notable
because
the
open
interest
has
been
struggling
over
the
last
few
months.
After
hitting
an
all-time
high
of
almost
$136
million
in
March
2024,
the
Shiba
Inu
open
interest
fell
rapidly,
losing
more
than
half
of
its
value
by
mid-April.

However,
the

SHIB
open
interest
began
to
recover
in
May,
and
with
June
rolling
around,
the
open
interest
has
surged.
From
the
March
lows
to
the
currently
June
figures,
the
Shiba
Inu
open
interest
is
now
up
almost
100%,
showing
a
notable
spike
in
interest
from
investors.

Source:
Coinglass

Currently
sitting
above
97%,
the
SHIB
open
interest
is
now
around
60%
away
from
making
a
new
all-time
high.
The
possibility
of
this
happening
has
significant
implications
for
the

Coinbase Banner  

SHIB
price
hitting
a
new
all-time
high
as
well.

Why
A
Rise
In
Open
Interest
Is
Important

The

Shiba
Inu
open
interest
is
on
the
rise
is
significant
not
just
to
measure
investor
interest
but
in
how
it
affects
the
SHIB
price.
Looking
at
the
March
figures
when
the
SHIB
open
interest
had
hit
a
new
all-time
high,
the
price
had
rallied
right
alongside
it.
So
the
current
increase
could
translate
into
a
price
rally
as
well.


Related
Reading

If
the
open
interest
were
to
go
back
to
its
$136
million
ATH,
going
by
how
much
the
price
rose
the
last
time,
it
could
see
the

Shiba
Inu
price
touch
$0.00004
once
more,
and
hit
a
new
yearly
high.
This
is
because
in
March,
the
SHIB
price
more
than
doubled
when
the
open
interest
surged.

However,
in
the
last
24
hours,
there
has
been
a
small
slow
down
in
the
open
interest,
with
an
overall
0.42%
decrease.
The
SHIB
price
is
currently
trending
at
$0.0000256
at
the
time
of
writing,
representing
a
4.41%
decrease
in
the
last
week.

FreeBitcoin Banner  
SHIB
price
sees
erratic
movement
|
Source:

SHIBUSDT
on
Tradingview.com

Go to Source
Author: Scott Matherson


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.