Shiba Inu Outperforms Bitcoin and XRP in This Key Metric

Despite ongoing price weakness, Shiba Inu has emerged as a standout in the derivatives space, overtaking major assets such as Bitcoin and XRP in open interest.

Notably, Shiba Inu has outperformed other leading cryptocurrencies in daily open interest growth. According to data from CoinGlass, SHIB’s open interest climbed 1.84% over the past 24 hours.

At press time, traders have committed approximately 10.97 trillion SHIB, worth around $81.18 million, to active futures contracts.

According to CoinGlass data, several exchanges recorded positive growth in Shiba Inu’s open interest over the past 24 hours. MEXC led the gains with a 37.69% increase, followed by Coinbase at 20.04%, LBank at 15.04%, Kraken at 12.86%, HTX at 10.52%, and Bitget at 10.16%.

Meanwhile, other platforms posted notable declines during the same period. KuCoin recorded the steepest drop at 44.53%, while Bitunix saw open interest fall by 11.79%.

Notably, most traders are positioning for a potential price spike, as reflected in the long-to-short ratio. Of all open positions, 51.35% are long, compared with 48.65% short, resulting in a long-to-short ratio of 1.0555.

Shiba Inu Outperforms Bitcoin and XRP in Open Interest Surge

This increase follows several weeks of negative performance and signals a reversal, reviving optimism around the token.

Notably, the renewed momentum becomes even clearer when compared with the open interest of the top cryptocurrencies, especially Bitcoin and XRP. While Bitcoin’s open interest fell by 1.14% over the same period, XRP recorded a steeper decline of 2.3%.

Indeed, the surge in Shiba Inu’s open interest during this period indicates growing speculative interest in SHIB. This activity has reignited expectations of a potential upside move, with the optimism already translating into price action.

SHIB Spikes Over 3% in 24 Hours

Data from CoinMarketCap shows that Shiba Inu gained 3.21% over the past 24 hours, climbing to $0.000007239. Notably, it also outperformed Bitcoin and XRP during the same period, as the two major assets posted more modest gains of 0.92% and 1.18%, respectively.

At its current price of $0.000007239, Shiba Inu has climbed 3.53% from its December 19 low of $0.000006992. However, the token remains about 27.6% below the $0.00001 psychological level. Notably, it’s been more than six weeks since Shiba Inu last traded near this threshold.

After briefly trading at $0.000010 on November 11, SHIB encountered intense selling pressure alongside the broader market downturn, driving its price lower.

However, renewed strength in the futures market has reignited hopes of a rebound. In addition, several catalysts continue to fuel investor optimism for a stronger rally. These include the potential passage of the CLARITY Act, the rollout of Fully Homomorphic Encryption (FHE) technology on Shibarium, and growing speculation around the launch of a standalone ETF tied to the token.