Shiba Inu Futures Open Interest Soars to $220 Million: What Does It Mean?

The Shiba Inu (SHIB) cryptocurrency is experiencing renewed attention in the derivatives market, with its futures open interest reaching a new high. Data from Coinglass reveals a significant increase in SHIB’s futures open interest to $220 million, marking its highest point over the past 30 days. 🤔 What does this signify? 🧐 Open interest is the total value of all outstanding futures contracts for an asset, and a rise generally signals increased investor confidence in the short-term price direction.