Shiba Inu's Open Interest Jumps 20%, Surpassing Bitcoin and XRP

▲ 시바이누(SHIB)/챗GPT 생성 이미지 ©

A meme coin has fired the starting gun for a spectacular comeback with a strong price rebound, after its Open Interest in the derivatives market explosively surged by over 20% in a single day, instantly surpassing traditional market leaders.

According to the cryptocurrency media outlet Bitcoinist on April 23 (local time), Shiba Inu (SHIB) saw its open interest in the derivatives market soar from approximately $56.27 million the previous day, drawing explosive participation from investors. CoinGlass data indicates that this figure, after a temporary adjustment, has now risen to $68.78 million, representing a surge of over 12.5% compared to the previous day.

Notably, during this period, Shiba Inu's open interest growth rate significantly surpassed that of Bitcoin (BTC), the absolute dominant force in the market, and large-cap blue-chip XRP (Ripple). This suggests that speculative capital and interest from traders are rapidly shifting from major assets to meme coins. Driven by this influx of funds, SHIB's trading volume also surged by over 95%, recording $257.78 million.

The enthusiasm in the derivatives market is directly translating into a rise in spot prices. According to CoinMarketCap data, Shiba Inu has rebounded by over 6% in the past week and maintained a gain of more than 2.5% in the last 24 hours. Experts interpret the simultaneous surge in price and open interest as a strong bullish signal, indicating an an increase in long-position bets utilizing leverage and active entry of new capital into the market.

However, behind the optimistic outlook lies the risk of severe liquidations. If buying pressure on long positions becomes excessive and the market overheats, even a minimal price drop can trigger a cascade of forced liquidations. The media outlet cautioned investors, stating that the current structure, where traders are heavily skewed towards price increases, could potentially lead to a deeper downturn, urging special attention.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*