Interest in Shiba Inu futures has reached its highest level since early June, as the alternative cryptocurrency Shiba Inu (SHIB) has experienced significant growth over the past seven days, increasing by more than 18 percent. The price of SHIB reached $0.000008399, but on Friday, June 23, it fell to $0.000007829. Despite the slight dip, the capitalization of SHIB has exceeded $4.612 billion.
The rise in the spot market price has led to a surge in interest in SHIB futures contracts. According to the CoinGlass platform, the amount of open contracts is approaching $11 million. This level of interest in Shiba Inu futures was last seen on June 10th. Traders on the OKX and Bitget exchanges have placed contracts worth $7.34 million and $2.72 million, respectively.
However, despite the weekly increase of more than 18 percent, the majority of SHIB holders have suffered losses, with 83 percent of them in the red. Only 14 percent of investors are currently in profit, according to IntoTheBlock.
SHIB’s main token competitor, Dogecoin (DOGE), has also seen a rise of 8 percent over the past seven days, reaching $0.0662. The capitalization of Dogecoin has reached $9.268 billion.
Analysts believe that the weakening activity of traders may indicate a peak in the current cycle. The RSI indicator suggests that SHIB is entering the overbought zone. As a result, the rally is expected to dry up, leading to stagnation and a subsequent pullback in the coming days.
Ows its strength compared to SHIB. However, the surge in SHIB’s futures contracts suggests a growing interest. Given this context, the following questions can be asked:
Shiba Inu (SHIB), the popular alternative cryptocurrency, has been making waves with its significant growth in the past week. Surging by over 18 percent, the price of SHIB reached $0.000008399 before experiencing a slight dip to $0.000007829 on June 23rd. Despite this dip, SHIB’s market capitalization has exceeded a staggering $4.612 billion.
The increase in SHIB’s spot market price has sparked a surge of interest in its futures contracts. According to the CoinGlass platform, the amount of open contracts is rapidly approaching $11 million, reaching levels not seen since June 10th. Traders on OKX and Bitget exchanges have already placed contracts worth $7.34 million and $2.72 million respectively, diving headfirst into SHIB’s potential.
Unfortunately, despite the promising growth, the majority of SHIB holders have suffered losses, with 83 percent finding themselves in the red. Only 14 percent of investors are currently enjoying profit, according to IntoTheBlock.
SHIB’s main competitor, Dogecoin (DOGE), has also experienced an 8 percent rise over the past week, reaching $0.0662. With a capitalization of $9.268 billion, Dogecoin sh
“The recent surge in Shiba Inu futures reflects the heightened interest surrounding the cryptocurrency. However, it is crucial for holders to exercise caution as the majority may struggle to attain profits. Wise decision-making and thorough understanding of market trends are essential to navigate this volatile landscape.”