As of Saturday, Nov. 8, Shiba Inu (SHIB) traders have locked over 7.38 trillion SHIB tokens—worth more than $76 million—into the SHIB derivatives market amid rising on-chain activity. According to data from CoinGlass, momentum is finally returning to the SHIB ecosystem, with investors heavily betting on the Shiba Inu futures market.
The surge coincides with a broad crypto market resurgence, highlighting growing confidence surrounding SHIB’s future outlook in the futures derivatives space.
### SHIB Open Interest Rockets 15%
Data shows that SHIB’s open interest has skyrocketed by more than 15% over the last 24 hours. A massive 7.38 trillion SHIB has been registered as open interest across all supported exchanges. This surge follows a period of high volatility witnessed over the past week and aligns with a sharp market rebound that has propelled the broader crypto market back into green territory.
After days of sideways movement and notable price corrections, SHIB suddenly surged by over 10.43% in the last day—jumping high enough to remove a zero from its price.
### Renewed Optimism in the SHIB Community
The SHIB community had gradually seen traders’ enthusiasm fade significantly in recent times. However, this impressive price action over the last 24 hours has sparked renewed optimism and momentum within its community.
Following the surge in SHIB’s futures activity, the token skyrocketed by a massive 10.53%, trading at $0.00001006 at the time of writing.
### Breaking Key Resistance Levels
Notably, data from CoinMarketCap shows SHIB’s price reaching an intraday high of $0.00001032. This marks a breakthrough above key resistance levels that had previously capped its upside potential.
With this price surge, Shiba Inu has effectively removed a zero from its initial price of around $0.000009, signaling a strong upward move and renewed trader confidence.
https://bitcoinethereumnews.com/tech/7380000000000-shib-put-oi-in-flames-as-price-removes-zero/