Shiba Inu (SHIB), often referred to as the Dogecoin killer, has reversed its prolonged downward trend with notable price movements. Additionally, there has been a significant increase in the altcoin’s derivatives market. Recent data reveals that Shiba Inu’s open interest (OI) surged over 25% in the last 24 hours.
According to data compiled by the crypto derivatives analysis platform Coinglass, SHIB’s OI rose by 25.23% to $18.22 million, and the total derivatives volume for SHIB increased by 36.34% to $56.83 million. Notably, no major liquidations for Shiba Inu were reported today, with only $245,410 worth of long and short positions liquidated in the last 24 hours, $62,320 of which occurred in the last four hours.
A closer look at the OI data shows that the OKX exchange holds the highest share, with a $7.29 million stake in Shiba Inu’s OI, marking a 10.60% increase in the last 24 hours. Huobi Global also stands out as a leading exchange in the rise of Shiba Inu’s OI, with an 83.12% increase, now holding an OI worth $5.16 million. Bitget recorded a 10.56% increase in SHIB’s OI, reaching $3.19 million.
After nearly a month of decline, SHIB has recently started a series of trading sessions dominated by upward movement. At the time of writing, SHIB’s price saw a 1.79% increase to $0.000009408 over the last 24 hours, with its market value rising by 1.72% to $5.54 billion. Additionally, SHIB’s trading volume in the last 24 hours increased by 9.74% to $157.39 million.
Meanwhile, the Shiba Inu community continues its token burns relentlessly. Despite a decrease in the token burn rate over the last 24 hours, the burns proceed at full throttle, with 3.06 million SHIB tokens incinerated according to Shibburn’s data.