Shiba Inu Futures Open Interest Exceeds 2.4 Trillion Token

Paigambar Mohan Raj
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Source: Pexels

Shiba Inu (SHIB) has seen an increase in futures open interest since March 2023. Open interest is the number of active positions investors have taken in derivative contracts. According to CoinGlass, the number of futures open interest for SHIB has exceeded 2.4 trillion.

Source: CoinGlass

The surge in open interest is a testament to the growing popularity of SHIB. It is possible that traders deem the project bullish and are hopeful for future gains. Shiba Inu (SHIB) is launching two highly anticipated products this year. First, it is its layer-2 network, Shibarium, and the second is its metaverse initiative, SHIB-The Metaverse. The anticipation and hype around both launches may be responsible for the increase in open interest in the asset.

However, regardless of SHIB’s increase in open interest, the asset’s volatility remains low. This could mean that major price swings are probably not in the books for the time being. Furthermore, Bollinger Bands (BB) analysis shows that SHIB is neither overbought nor oversold. This may suggest that a dramatic change in SHIB’s course is not anticipated. Low volatility may mean that traders would need to wait longer to make profits.

Does Shiba Inu adoption continue to rise?

Shiba Inu (SHIB) is one of the most popular cryptocurrency projects. In just a few short years, the project has managed to amass a market cap of $6.5 billion. However, mainstream adoption has never really taken off. Nonetheless, that aspect may change after the launch of Shibarium. The launch will mean that SHIB will have its own blockchain, and cease to be an ERC-20 token on the Ethereum blockchain.

Recently, renowned American glass sculptor, Jack Storms, said that he will soon accept SHIB as payment at his store. The development comes after an NFT collection by Storms’ was announced to be coming to Shibarium.

The community expected many such collaborations to further push SHIB adoption in the future. Nonetheless, the Shiba Inu (SHIB) team has still not announced a launch date for the highly anticipated layer-2. At press time, SHIB was trading at $0.00001114, up by 1.9% in the last 24 hours.