Shiba Inu (SHIB) has been extended bullish rally with over 8% gains today. The gaining momentum is stronger now owing to the Shibarium network’s latest K9 Finance (KNINE) crypto launch. In addition, SHIB has registered a hike in its open interest as derivatives traders continued betting on the popular meme coin.

SHIB Open Interest Surges To $112 Million

Amid the Shiba Inu price surge, the SHIB open interest neared $112 million. According to Coinglass data, the Shiba Inu open interest figure surged 12.33% to $111.78 million at press time. Moreover, Kraken saw the highest surge in the SHIB open interest on its platform with a 20.59% gain, representing a share of $1.43 million.

Meanwhile, OKX accounted for the biggest contributer for SHIB’s derivatives market, boasting a share of $53.58 million. On the other hand, the Shiba Inu liquidation spree didn’t halt as significant liquidations were recorded in the past 24 hours. Currently, longs have been leading the liquidation arena accounting for $3.91 million liquidation amid the total amount of $7.15 million.

However, short traders have been trying to minimize their losses as the Shiba Inu price has surged unprecedentedly lately, clocking nearly 300% profits in the last 30 days. Hence, the short squeeze could send the Shiba Inu price higher amid tiff competition from long holders.

Also Read: Shiba Inu’s BONE Leaps Ranks On Binance Futures NEXT, Listing Soon?

Shiba Inu Price Surges 9%

The Shiba Inu price has witnessed a spike of over 292% in a month as the meme coin market made a grand comeback. As of writing, the SHIB price soared 8.78% to $0.00003473 with a market capitalization of $20.49 billion. However, the meme crypto registered a 16.38% slump in trading volume over the last 24 hours, settling at $3.85 billion.

Shiba Inu’s phenomenal price rally has spurred speculations of it surpassing the Dogecoin (DOGE) market cap, reaffirming its title as the “Dogecoin Killer.” Currently, the SHIB market cap falls $3 billion short of Dogecoin’s valuation. Hence, it wouldn’t be a surprise if Shiba Inu eclipses Dogecoin market cap.

Moreover, SHIB recently managed to enter the list of top 10 cryptocurrencies by market cap with its exceptional surge. Earlier, the Dogecoin rival was ranked 14th on CoinMarketCap based on the market valuation. And now, the Shiba Inu community believes that the next stop would be overtaking DOGE.

However, surpassing Dogecoin wouldn’t be easy as crypto analysts have set the $1 target for DOGE this year. Ali Martinez, a popular crypto analyst, took to X and suggested that the Dogecoin price could reach $1 as early as mid-April owing to historical price trends. In that case, the DOGE market cap would surge to over $144 billion, escalating tensions for Shiba Inu.

At present, Shiba Inu coin finds itself at a critical juncture, testing a resistance at the $0.000035 mark. If the Shiba Inu price breaks out from this level, it could pave the way for additional gains. This could possibly push its value to $0.00005 or even an ambitious $0.0001.

In case SHIB tops $0.0001, its market valuation would be about $60 billion, which would still not be enough to eclipse DOGE market cap if it hits $1. Moreover, a dip below $0.00003 may dampen the current bullish sentiment, redirecting the SHIB coin toward the support level of $0.00002.

Also Read: Shiba Inu Coin Price Forecast: SHIB’s Climb To $0.0001 Imminent Amidst Meme Coins Rally?

The post Shiba Inu Price Gains Momentum As SHIB Futures OI Reaches $112 Mln appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am