Futures traders are reopening trades as Shiba Inu rebound prospects grow
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The Gate.io exchange had the highest Open Interest figures, accounting for over half of the 8.44 trillion SHIB. The exchange handled 4.93 trillion, or 58.98% of the total Open Interest valued at $107.02 million. Bitget and OKX followed a distant second and third with 1.70 trillion and 1.06 trillion, respectively. Bitget’s Open Interest value of $36.94 million, or 20.35%, is almost 65 billion SHIB more than OKX, which registered $23.03 million, or 12.69% of the figure.
SHIB’s price retracement could have triggered this increased futures position opened across the different exchanges. In the past seven days, SHIB has struggled to breach crucial resistance levels amid a broader market sell-off.However, within the last 24 hours, the asset has leaped from a low of $0.00002055 to a high of $0.00002198. As of this writing, SHIB is exchanging hands at $0.00002169, representing a 2.85% increase, activity.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.
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