Last weekend, Shiba Inu (SHIB) proved to be one of the most prolific in the crypto market. In seven days, the altcoin rose by about 9%.
Its main competitor Dogecoin (DOGE), on the other hand, collapsed by more than 5% over the same time.
On Tuesday night, August 8, SHIB strengthened to $0.00000892. The cryptocurrency’s capitalization reached $5.261 billion.
Open interest in Shiba Inu futures the day before was at its highest level since early February. It exceeded $42.07 million, as evidenced by data from the Coinglass platform.
Investors deployed the largest number of contracts on OKX and Bitget exchanges.
Santiment recorded increased activity of buyers on August 6 and 7. Moreover, investors preferred to withdraw cryptocurrency to offline storage. The amount of transactions rose to the maximum level since February 6 ($895.54 million).
The volume of cryptocurrency on exchange addresses was the lowest since the spring of 2021, analysts emphasized.
SHIB tested values above $0.00001 on Sunday, but corrected earlier this week. The altcoin last traded at this level in May 2023.
According to the IntoTheBlock platform, 72% of Shiba Inu holders are incurring losses. Only 21% of addresses are making a profit.