Interest in Shiba Inu futures rises to highest level since early June

Altcoin Shiba Inu (SHIB) has skyrocketed over 18% in the past seven days.

The day before, the cryptocurrency reached $0.0000083.99.

On Friday, June 23, the SHIB rate dropped to $0.000007829. The altcoin’s capitalization exceeds $4.612 billion.

The surge in the spot market has led to increased interest in SHIB futures. The amount of open contracts today is close to $11 million, as evidenced by data from the CoinGlass platform.

The last time open interest in Shiba Inu futures was at this level was on June 10th. On the OKX and Bitget exchanges, traders deployed contracts for $7.34 million and $2.72 million, respectively.

Despite the breakout of more than 18% on a weekly basis, the majority of cryptocurrency holders are incurring losses (83%). According to IntoTheBlock, only 14% of investors are in a good financial position.

SHIB’s main competitor in the joke token market, Dogecoin (DOGE), rose in price by 8% to $0.0662 in seven days. Its capitalization increased to $9.268 billion.

The weakening activity of traders may signal that the peak has been reached in the current cycle, analysts say.

The RSI indicator indicates that SHIB has entered the overbought zone. The rally is running out of steam, and in the coming days we will face stagnation and a subsequent pullback.