Shiba Inu Open Interest Spikes 25% To $18 Mln Amid Price Rally

Shiba Inu (SHIB), the Doge Killer, has reversed its course of extended losses with a significant price hike lately. In addition, the meme crypto has registered a notable surge in its derivatives investments. Shiba Inu‘s open interest has spiked by over 25% in the past 24 hours.

Shiba Inu OI Data

According to statistics from Coinglass, a crypto derivatives analytics platform, the SHIB open interest has soared by 25.23% to $18.22 million at press time on Saturday, January 20. Furthermore, the total derivatives volume for SHIB surged by 36.34% to a whopping $56.83 million.

Moreover, no major liquidations were reported on Saturday. In the past 24 hours, $245,410 worth of long and short positions were liquidated. Out of this, $62,320 worth of positions were liquidated in the last four hours.

Furthermore, the open interest data suggests that the OKX crypto exchange holds the highest share in SHIB open interest. OKX accounts for $7.29 million in Shiba inu open interest, suggesting a platform-wise increase of 10.60% today.

Intriguingly, Huobi Global, another crypto trading platform, led the surge in SHIB OI. The platform witnessed an 83.12% spike in SHIB open interest and now accounts for $5.16 million worth of share. Whilst, Bitget boasts a $3.19 million in Shiba Inu OI, registering a 10.56% hike.

Also Read: Shiba Inu Whale Moves 4.2 Trillion Tokens Amid Market Buzz

SHIB Price Today

After almost a month of red sessions, SHIB has finally stepped into the greener arena lately. The Shiba Inu price increased by 1.79% to $0.000009408 at the time of writing on Saturday. Whilst, the SHIB market cap stood at $5.54 billion, up by 1.72%.

In addition, the 24-hour trade volume for the meme coin registered a 9.74% increase to $157.39 million. During the day, Shiba Inu managed to soar to a high of $0.000009502. However, it added a zero lately to its value due to the several bearish sessions after attaining the monthly peak of $0.00001125.

On the other hand, the SHIB community hasn’t given up on token burns. Though the Shiba Inu burn rate has decreased in the past 24 hours, the amount of tokens burned is significant. According to Shibburn, 3.06 million SHIB tokens were burned lately, however, the SHIB burn rate dropped by 69.53%.

Also Read: Shiba Inu Price Nosedive Takes A Hiatus, Can SHIB Reclaim $0.00001 S/R?