2023-06-23 18:40:00
Interest in Shiba Inu futures has peaked since early June. The alternative cryptocurrency Shiba Inu (SHIB) has grown significantly over the past seven days by more than 18 percent. Its price reached $0.000008399, but on Friday, June 23, it fell to $0.000007829. Capitalization of SHIB exceeded $4.612 billion.
The rise in the spot market price led to an increase in interest in SHIB futures contracts. According to the CoinGlass platform, the amount of open contracts is approaching $11 million. The last time interest in Shiba Inu futures was at this level was on June 10th. Traders on the OKX and Bitget exchanges placed contracts worth $7.34 million and $2.72 million, respectively.
Despite a weekly increase of more than 18 percent, the majority of SHIB holders suffered losses (83 percent). According to IntoTheBlock, only 14 percent of investors are in profit.
SHIB’s main token competitor, Dogecoin (DOGE), is up 8 percent to $0.0662 over the past seven days. Capitalization of Dogecoin reached $9.268 billion.
Analysts believe that the weakening of the activity of traders may indicate a peak in the current cycle. The RSI indicator indicates that SHIB is entering the overbought zone. The rally is drying up, and stagnation and subsequent pullback are expected in the coming days.
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