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Shiba Inu has seen notable upswings in Open Interest on top exchanges today after rallying 9.75% in the last 24 hours.
Earlier today, Shiba Inu momentarily flashed signs of recovery from the recent landslide dip by rallying to a high of $0.00002296. This figure marked a 9.75% gain from the low of $0.00002092 SHIB recorded yesterday, April 16.
The increase in Shiba Inu’s value mirrors a gradual resurgence of investor interest in the asset after the Saturday restest of the $0.000018 range. According to insights from Coinlyze, there has been a significant rise in Open Interest (OI) for Shiba Inu on leading exchanges.
Soaring Open Interest for Shiba Inu on Exchanges
Specifically, SHIB Open Interest on Huobi soared to $15.7 million, while OKX recorded a figure of $14.6 million. Other tracked exchanges, such as Kraken, BitMex, and Bitfinex, witnessed below $1 million in Shiba Inu Open Interest.
For context, Open Interest refers to the total number of outstanding Shiba Inu contracts that have not been settled. It indicates the level of market activity and investor interest in SHIB futures contracts on these exchanges.
This metric suggests that beyond the usual optimism surrounding returns, an increasing number of risk-tolerant traders anticipate significant movement for SHIB soon. However, the Long/Short Ratio, which currently has a value of 0.9406, suggests that more traders are betting on a Shiba Inu price drop.
Notably, data from Coinglass offers more insights into the current trend of leveraged trading for Shiba Inu. In particular, the statistics indicate that Open Interest for Shiba Inu across exchanges Bitget, Huobi, OKX, BingX, CoinEX, Kraken, and BitMex stands at 2.39 trillion SHIB tokens.
Bitget leads with 814 billion tokens, showing a 0.41% gain in the last hour. BingX and CoinEx had the most significant positive 24-hour changes, 8.45% and 4.5% increases, with OI of 117 billion and 33 billion SHIB, respectively.
However, the overall cumulative Open Interest for Shiba Inu across all tracked exchanges in the last 24 hours is negative, at 3.81%.
More Bullish Factor for SHIB
Another bullish indicator for Shiba Inu evident on-chain is the consistent decline in SHIB tokens held on exchanges since the bull market’s start in October 2023.
This trend has persisted even as Shiba Inu experienced dips in March and April, indicating that long-term investors maintain a positive outlook on SHIB.