Krutika Adani
There has been a rise in Shiba Inu’s open interest, which has once again reached its February highs.
Open interest data from Coinglass shows Shiba Inu’s OI stands at $100 million for 6th June.
February marked the onset of memecoin rallies, during which Shiba Inu experienced a 500% surge in its prices.
Open interest refers to the total value of all derivatives positions in the market.
Historical observations indicate that an increase in open interest often precedes a subsequent price rally.