The amount of money locked in future contracts for SHIB has gone over $100 million for the first time since February.
People are starting to invest money in Shiba Inu (SHIB) again, which is a cryptocurrency focused on memes. This might make bitcoin traders worried.
The amount of money locked in future contracts for SHIB on Binance has gone up a lot this month. It’s now at $101.65 million, which is the highest since February 5. In these contracts, each one is for 1000 SHIB coins, and people can use up to 25 times more money than they have.
The value of SHIB has gone up by almost 32% to reach $6.58 billion. This is because people are hopeful that a new layer 2 launch will make SHIB more serious and less like a meme coin.
More people are getting interested in SHIB, and the total value of SHIB has gone up too. This usually means that more money is coming into the SHIB market. In the past, when this happened, bitcoin, which is the biggest cryptocurrency, didn’t do so well.
SHIB’s open interest has gone over $100 million seven times before. The last six times this happened, the price of bitcoin went down.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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