Meme token traders Shiba Inu (SHIB) have locked 7.38 trillion SHIB — worth over 76 million USD — into the derivatives market, according to data from CoinGlass. This position locking coincides with a rise to the sky in SHIB open interest (increasing by more than 15% in 24 hours) and a bullish increase of about 10% helping the “meme” token lose a zero in price.
This breakout reflects the revived confidence of traders in the future prospects of SHIB as the broader cryptocurrency market recovers. A significant portion of the futures activity comes from exchanges like Gate, accounting for nearly half of the total open interest volume. However, the high concentration and large capital inflows into derivatives also indicate increased risk, as large futures positions can amplify both profits and losses.
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