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Shiba Inu Open Interest Returns To February 2024 Levels, What Happened Last Time?

Shiba Inu has seen a notable uptick in its open interest that has sent renewed vigor through investors. While the meme coin’s open interest is yet to break its Match 2024 all-time high, it is on a bullish trend that could see an attempt soon.

Shiba Inu Open Interest At February Levels

The total Shiba Inu open interest has climbed back above $97 million across multiple exchanges, bringing it to one of the highest levels so far for the year. According to data from Coinglass, the SHIB open interest is now sitting at $97.08 million as of June 6, 2024.

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This figure is notable because the open interest has been struggling over the last few months. After hitting an all-time high of almost $136 million in March 2024, the Shiba Inu open interest fell rapidly, losing more than half of its value by mid-April.

However, the SHIB open interest began to recover in May, and with June rolling around, the open interest has surged. From the March lows to the currently June figures, the Shiba Inu open interest is now up almost 100%, showing a notable spike in interest from investors.

Source: Coinglass

Currently sitting above 97%, the SHIB open interest is now around 60% away from making a new all-time high. The possibility of this happening has significant implications for the SHIB price hitting a new all-time high as well.

Why A Rise In Open Interest Is Important

The Shiba Inu open interest is on the rise is significant not just to measure investor interest but in how it affects the SHIB price. Looking at the March figures when the SHIB open interest had hit a new all-time high, the price had rallied right alongside it. So the current increase could translate into a price rally as well.

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If the open interest were to go back to its $136 million ATH, going by how much the price rose the last time, it could see the Shiba Inu price touch $0.00004 once more, and hit a new yearly high. This is because in March, the SHIB price more than doubled when the open interest surged.

However, in the last 24 hours, there has been a small slow down in the open interest, with an overall 0.42% decrease. The SHIB price is currently trending at $0.0000256 at the time of writing, representing a 4.41% decrease in the last week.

Shiba Inu price chart from Tradingview.com
SHIB price sees erratic movement | Source: SHIBUSDT on Tradingview.com

 

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