Shiba’s performance has diverged from the market in recent days. Memecoin, which has been rising continuously for 5 days, has increased by close to 30 percent. Open transactions on Memecoin exceeded $100 million. Locked dollars in SHIB futures contracts exceeded $100 million for the first time since February.
Investor interest in SHIB futures has more than doubled this month, according to data from Coinglass. Open trading positions reached $101.65 million and hit their highest level since Feb. SHIB futures are sized at 1000 SHIB per contract with up to 25x leverage.
SHIB price has found support from the upcoming Layer-2 launch. The market capitalization of cryptocurrencies increased by 32 percent to approach $ 6.6 billion. SHIB’s open interest has exceeded $100 million at least seven times since its inception. The previous six spikes marked a peak in Bitcoin prices. However, in the last SHIB rise, BTC showed a bearish trend. BTC found buyers around $29,400.