Shiba Inu Open Interest Returns to February Levels

Krutika Adani

Bull Rally Likely

There has been a rise in Shiba Inu’s open interest, which has once again reached its February highs.

Data Shows $100 Million Open Interest

Open interest data from Coinglass shows Shiba Inu’s OI stands at $100 million for 6th June.

What’s Special About February?

February marked the onset of memecoin rallies, during which Shiba Inu experienced a 500% surge in its prices.

What Is Open Interest?

Open interest refers to the total value of all derivatives positions in the market.

Why Does It Matter So Much?

Historical observations indicate that an increase in open interest often precedes a subsequent price rally.