Shiba Inu Outperforms Bitcoin and XRP in This Key Metric

Despite ongoing price weakness, Shiba Inu has emerged as a standout in the derivatives space, overtaking major assets such as Bitcoin and $XRP in open interest.

Notably, Shiba Inu has outperformed other leading cryptocurrencies in daily open interest growth. According to data from CoinGlass, $SHIB’s open interest climbed 1.84% over the past 24 hours.

At press time, traders have committed approximately 10.97 trillion $SHIB, worth around $81.18 million, to active futures contracts.

According to CoinGlass data, several exchanges recorded positive growth in Shiba Inu’s open interest over the past 24 hours. MEXC led the gains with a 37.69% increase, followed by Coinbase at 20.04%, LBank at 15.04%, Kraken at 12.86%, HTX at 10.52%, and Bitget at 10.16%.

Meanwhile, other platforms posted notable declines during the same period. KuCoin recorded the steepest drop at 44.53%, while Bitunix saw open interest fall by 11.79%.

Notably, most traders are positioning for a potential price spike, as reflected in the long-to-short ratio. Of all open positions, 51.35% are long, compared with 48.65% short, resulting in a long-to-short ratio of 1.0555.

Shiba Inu Outperforms Bitcoin and $XRP in Open Interest Surge

This increase follows several weeks of negative performance and signals a reversal, reviving optimism around the token.

Notably, the renewed momentum becomes even clearer when compared with the open interest of the top cryptocurrencies, especially Bitcoin and $XRP. While Bitcoin’s open interest fell by 1.14% over the same period, $XRP recorded a steeper decline of 2.3%.

Indeed, the surge in Shiba Inu’s open interest during this period indicates growing speculative interest in $SHIB. This activity has reignited expectations of a potential upside move, with the optimism already translating into price action.

$SHIB Spikes Over 3% in 24 Hours

Data from CoinMarketCap shows that Shiba Inu gained 3.21% over the past 24 hours, climbing to $0.000007239. Notably, it also outperformed Bitcoin and $XRP during the same period, as the two major assets posted more modest gains of 0.92% and 1.18%, respectively.

At its current price of $0.000007239, Shiba Inu has climbed 3.53% from its December 19 low of $0.000006992. However, the token remains about 27.6% below the $0.00001 psychological level. Notably, it’s been more than six weeks since Shiba Inu last traded near this threshold.

After briefly trading at $0.000010 on November 11, $SHIB encountered intense selling pressure alongside the broader market downturn, driving its price lower.

However, renewed strength in the futures market has reignited hopes of a rebound. In addition, several catalysts continue to fuel investor optimism for a stronger rally. These include the potential passage of the CLARITY Act, the rollout of Fully Homomorphic Encryption (FHE) technology on Shibarium, and growing speculation around the launch of a standalone ETF tied to the token.