Shiba Inu (SHIB) and Dogecoin (DOGE) have seen an increase in funding after Bitcoin’s (BTC) October rally. Open interest (OI) for SHIB has spiked by 23% to $61.74 million since Nov. 1. SHIB currently has the highest percentage growth in OI among top crypto projects. Meanwhile, the OI for DOGE has risen 14.6% to $328 million.
An increase in OI means an increase in funds flowing into the project. The increase in derivatives signals more risk-taking among investors. The crypto market’s bullish October run may have caused a spike in investor sentiment. Shiba Inu’s (SHIB) price has increased by 7% in the weekly charts, while DOGE’s price has increased by over 10% in the same time frame. Investors may be feeling bullish about both memecoin’s future performance.
Shiba Inu (SHIB) reveals new wallet features
SHIB revealed a new feature for its wallet, which includes a forget-proof recovery system and an email-based sign-in capability. The new features aim to enhance user experience while addressing some of the difficulties in wallet management. By using an email address and password, the project aims to reduce the barriers associated with managing cryptographic keys.
The new wallet also boasts a recovery feature, which is different from the traditional seed phrase system. Users will be able to recover their wallets via multiple-factor authentication.
The wallet will also include fee-less transactions. Hence, users do not need to hold the network’s native token to send funds.
The launch of the new features may lead to an increase in users. However, since users do not need to hold the native token, we may not see a surge in SHIB purchases. Nonetheless, the development is still a bullish move as it could lead to more people coming into the SHIB ecosystem.