Shiba Inu has garnered significant interest and is being recognized as a viable contender alongside Dogecoin. The proactive engagement of the SHIB team in diverse community initiatives has contributed to the growth of Shiba Inu’s market capitalization, leading to ongoing conversations about potential price trends.
The recent surge in interest in Shiba Inu has come as a cautious warning to investors in Bitcoin. According to the latest data from Coinglass, there has been a rise in open interest in Binance’s SHIB futures. Data shows that open interest has doubled to $101.65 million this month.
SHIB futures doubled to $101.65 million in August
The recent rise in interest can be attributed to the anticipation of the launch of Shibarium. Data from CoinMarketCap shows that the price of SHIB has risen by 11.7% in the last seven days. Additionally, Shiba Inu managed to delete a zero from its price and is now standing at $0.00001051.
SHIB’s market cap also surged to $6.2 billion as the community waited for the launch of the much-awaited Shibarium. The surge in inflows of money into SHIB has proven to be tough competition for BTC, the largest cryptocurrency.